Paytm’s subsidiary, Paytm Cloud Technologies Limited (PCTL), will acquire a 25% stake in US-based fintech startup Seven Technology LLC for 8.7 crore rupee (US$1 million).

This development follows Paytm’s recent announcement of plans to establish three new subsidiaries in the UAE, Saudi Arabia, and Singapore through PCTL to expand its tech-enabled payments and financial services globally.

Seven Technology LLC is the parent company of Dinie Correspondente Bancário e Meios de Pagamento Ltda, a fintech platform in Brazil that offers digital financial services to micro, small, and medium-sized enterprises (MSMEs) in Brazil.

Following this announcement, One97 Communications’ stock price rose by about 1% in morning trading, reaching 750.75 rupee (US$8.61) per share on the Bombay Stock Exchange (BSE). The stock later closed at 743.60 rupee (US$8.53) per share.

Recent Paytm developments