SoftBank reduces stake in Paytm to 9.15% with another 2% offload
- ByStartupStory | July 18, 2023
SoftBank, the Japanese investor, has recently offloaded another 2% stake in Paytm’s parent company, One97 Communications Ltd, making it the largest listed investment in India. The shares were sold through open market operations, resulting in a substantial gain of around $300 million.
In the past month, SoftBank has been regularly selling small tranches of Paytm shares through open market transactions.
This marks the first time that SoftBank has managed to sell Paytm shares at a profit since the fintech company’s listing in November 2021.
Over the months following Paytm’s listing, SoftBank has been divesting its stakes in the company as the one-year lock-in period for the stock ended, employing open market operations or block deals.
Following the recent sale, SoftBank’s stake in Paytm has been reduced to 9.15%.
Back in November 2022, the investment giant sold approximately 4.5% stake in Paytm for Rs 1,631 crore through an open market transaction.
Apart from the offloading of Paytm shares, SoftBank also sold a portion of its stake in Lenskart to private equity firm ChrysCapital in June.
SoftBank has been actively investing in Indian startups, backing more than 20 unicorns.
Over the years, SoftBank has been a significant technology investor in India, injecting nearly $12 billion through 42 deals within the last six years.
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