Paytm: Adani Group chairman Gautam Adani is reportedly in discussions to acquire a stake in One 97 Communications, the operator of Paytm. According to a report by the Times of India, citing insider sources, Paytm founder and CEO Vijay Shekhar Sharma met with Gautam Adani at Adani’s office in Ahmedabad on May 28 to “finalize the contours of a deal.” If the deal is finalized, the Adani Group would enter the fintech sector, competing with Google Pay, PhonePe, and Mukesh Ambani’s Jio Financial.

Vijay Shekhar Sharma currently owns about 19 percent of One 97 directly and an additional 10 percent through the foreign entity Resilient Asset Management, both listed as public shareholders. Other significant shareholders include Saif Partners (15%), Antfin Netherlands (10%), and the company’s directors (9%). One 97 has a market cap of ₹21,773 crore and initially started as a recharge platform before expanding its payment and merchant acquiring business to Paytm Payments Bank (PPBL), which has faced regulatory action by the Reserve Bank of India (RBI).

The Times of India report indicated that talks between Gautam Adani and Vijay Shekhar Sharma have been ongoing for some time. Additionally, Adani is reportedly in discussions with funds from West Asia to bring them on as investors in One 97.

Binoy Parikh, executive director at Katalyst Advisors, commented to TOI, “With the financial strain and regulatory bottlenecks that Paytm is facing, aligning with Adani Group would provide the robust financial backing needed to address regulatory compliance issues and stabilize its operations. For Adani, integrating Paytm’s established digital payments platform into their diverse business portfolio would enhance their digital footprint and accelerate their ambition to become a leading player in the fintech space.”