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Ratan Tata invests in One97 Communication’s Paytm, joins as adviser

Chairman emeritus of Tata Sons Ltd Ratan Tata has invested in his personal capacity in One97 Communications Ltd, which owns the online payement processor Paytm, the company said on Friday. It did not disclose the amount Tata had invested. 

Chairman emeritus of Tata Sons Ltd Ratan Tata has invested in his personal capacity in One97 Communications Ltd, which owns the online payement processor Paytm, the company said on Friday. It did not disclose the amount Tata had invested. 

Last month, Paytm  had raised an undisclosed amount from Alibaba Group affiliate Ant Financial for a 25% stake. According to a Live Mint report, Paytm is looking to build 100 million so-called virtual wallets by the end of this year and already have 25 million active wallets. 

The company processes one million transactions a day across the Paytm app and other merchants like Uber, BookMyShow. “I am very happy that Mr Tata has put faith and trust in our values and mission,” Vijay Shekhar Sharma, Co-Founder of Paytm was quoted in Live Mint as saying. “There is no better adviser for Paytm on building India’s most trusted mobile payment and commerce platform.”

Last month, GirnarSoft, which operates online auto classifieds player CarDekho, had raised an undisclosed amount of funding from Ratan Tata. Former Tata Group chairman, Ratan Tata had also made a personal investment in online jewellery retailer Bluestone, and online marketplace Snapdeal last year. 

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