“With KYC-related issues compounding for Paytm, they’ve not been as aggressive with the business as they were prior to 2022 in the wallets business and if valuations on the table were decent, the talks with Jio would have fructified much earlier,” a banker was quoted in the report as saying.
Now, the company is looking for a deal to ensure the continuity of the business.
The report also said that Paytm reached out to HDFC Bank for a deal just before the RBI ban. HDFC’s digital wallet, Payzapp, has around 14 million users. JFSL has not been able to make any significant impact on the industry, but this deal could give it the much-needed start.
However, the shares of HDFC Bank were trading flat at Rs 1.446.25 apiece. For Paytm, the shares have plunged over 40 per cent in the last three days. On Monday, they were trading 10 per cent in the red at Rs 438.35 apiece.
First Published: Feb 05 2024 | 2:09 PM IST
