As per the report, Paytm founder and CEO Vijay Shekhar Sharma visited Adani at his office in Ahmedabad to “finalise the contours of a deal” on Tuesday.
If a deal is successfully negotiated between the two first-generation entrepreneurs, it will signify the ports-to-airports conglomerate’s entry into the fintech industry, and it will position it against competitors like Google Pay, Walmart-owned PhonePe, and Mukesh Ambani’s Jio Financial.
Quoting the sources the report said that Adani and Sharma have been in talks for an extended period, with their recent meeting at Adani Corporate House in Ahmedabad on Tuesday focusing on “finalizing the contours of the deal.” Additionally, they mentioned that Adani is engaging with West Asian funds to attract them as investors in One 97, the company that pioneered mobile payments in India.
Vijay Shekhar Sharma holds approximately 19 percent of One 97 Communications, with his stake valued at Rs 4,218 crore based on the stock’s closing price of Rs 342 per share on Tuesday. He directly owns 9 percent of Paytm and another 10 percent through Resilient Asset Management, a foreign entity. According to One 97’s stock exchange filings, both Sharma and Resilient are classified as public shareholders.
Other major shareholders of One 97 include the private equity fund Saif Partners, holding 15%, Antfin Netherlands, founded by Jack Ma, with a 10% stake, and the company’s directors, who collectively own 9%. As of press time, neither Adani Group nor One 97 had responded to emails sent on Tuesday. Founded by Sharma in 2007, One 97’s IPO was the second largest in the country, and the company currently has a market capitalization of Rs 21,773 crore.
One 97, initially a recharge platform, had transitioned its payment and merchant acquiring operations to Paytm Payments Bank (PPBL). However, after the Reserve Bank of India (RBI) suspended PPBL’s activities this year, the company shifted its focus to UPI payments, distribution, and merchant acceptance.