Paytm, through its subsidiary Paytm Cloud Tech, will be setting up businesses in UAE, Saudi Arabia and Singapore to leverage its tech-enabled merchant payments and financial services in 'similar' international markets, and seek local licenses and partnerships.
In an exchange filing on January 20, along with its quarterly earnings, Paytm said it is looking to deploy and monetize its stack of software and services internationally. Read more on Paytm's December quarter earnings here.
"The Board of Directors of our wholly owned subsidiary, Paytm Cloud Technologies Limited (“PCTL”), at its meeting held today, i.e. January 20, 2025, approved incorporation of wholly owned subsidiaries in the United Arab Emirates, Kingdom of Saudi Arabia and Singapore. The newly incorporated companies will be step down subsidiaries of the Company," the company filing said.
Paytm added that its technology-led payments and financial services distribution model has the potential for expansion in similar international markets. "We have developed a portfolio of innovative hardware, software and services stack in India, which can be deployed and monetised internationally," said the company.
Paytm is exploring various options including organic expansion as well as local licenses, strategic investment and partnerships in these international markets.
The wholly-owned subsidiaries will be incorporated within six months, with an initial investment of up to Rs 20 crore (in tranches), in each of the wholly-owned subsidiary.
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