Japanese internet and telecom conglomerate, SoftBank’s 20 percent stake purchase in One97 Communications, the parent company of digital payments platform Paytm, has been approved by the Competition Commission of India (CCI). The approval comes two months after Paytm raised Rs 9,000 crores ($1.4 billion) from SoftBank, making it the biggest investment by the Softbank in the Indian internet ecosystem.
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In a tweet, the Competition Commission of India (CCI) said that it has approved “acquisition of 20 percent stake in One97 Communications Ltd by SoftBank Group Corp”. Meanwhile, SoftBank is a majority stakeholder in e-commerce marketplace Snapdeal and is reportedly negotiating the Flipkart’s Snapdeal acquisition.
Earlier in May, Patym secured $200 million from Alibaba and SAIF Partners. The company had also signed a non-exclusive term sheet to acquire rival wallet player FreeCharge.