Paytm’s online platform for mutual fund investments Paytm Money has received Rs 28.8 crore fresh funding support from its parent brand entity One97 Communications.
This revelation is made by the company in one of its fillings at the registrar of companies (RoC).
The new round of funding is most likely a part of the overall $10 million committed by One97 Communication pertaining to the mutual funds platform in tenure of 18 months.
As mentioned in the filings, Paytm Money has raised nearly Rs 55 crore between November last year and January 2019. This suggests that the company has achieved its initial commitment into its subsidiary.
The fillings with RoC further reveal that the authorised capital of Paytm Money has been inflated to Rs 200 crore, highlighting that in next few months, One97 Communications will most likely infuse more investments into Paytm Money.
The vision and strategy of Paytm Money is driven by its Director Vijay Shekhar Sharma, also the Founder and Chief Executive Officer of One97 Communications.
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