Paytm founder Vijay Shekhar Sharma has denied rumours that his company is looking to purchase a stake in Yes Bank.
Paytm is not interested in buying a stake in Yes Bank, Sharma told Mint. He also denied holding any talks with Yes Bank founder Rana Kapoor.
“It wasn’t confirmed or correct. If we as a group have a bank and, I as a chair of the bank, own 51 percent of the bank, it sounds too far-fetched for an individual or company (to pick up Kapoor’s stake)," Sharma told the publication.
The Paytm chief executive added that he would prefer developing the business rather than acquiring another company, unless there is an interesting opportunity.
The plan, he stated, is to upgrade Paytm to a small finance bank (SFB) after it finishes five years as a payments bank. Sharma said the company can 'offer a lot more' after it is converted to an SFB.
Talking about the possibility of an initial public offering (IPO), Sharma told the publication that it is 'not even a logical discussion now'. “That’s not what investors have come in for. We are an Indian company. I would rather stay private and try to become profitable," the article quotes Sharma as saying.
Sharma has previously said Paytm will consider going public only after 2021, after it starts generating cash.
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