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Paytm Arab Payments, the UAE-based fintech arm of One97 Communications, has approved the issuance of equity shares to Abbar Global Opportunities Holdings Limited, resulting in a 49 per cent stake sale valued at around INR 19 crore. Following the transaction, the company will operate as a 51 per cent owned subsidiary while continuing under the Paytm group. Abbar Global is backed by Mohamed Alabbar, founder of Emaar Properties, bringing strong local market presence to the partnership. The move is aimed at expanding Paytm's merchant payments and financial services offerings in the UAE. Separately, Paytm has approved new subsidiaries in Indonesia and Luxembourg, supporting its overseas growth strategy.
Paytm Arab Payments, the UAE-based fintech arm of One97 Communications, has approved the issuance of equity shares amounting to a 49% stake in the company to Abbar Global Opportunities Holdings Limited for approximately INR 19 crore. The decision was cleared by the board and disclosed through a regulatory filing earlier this week. Advertisement
Abbar Global Opportunities Holdings Limited is a special purpose vehicle owned by Mohamed Ali Rashed Alabbar, the founder of Emaar Properties, the developer behind landmark projects such as Burj Khalifa and Dubai Mall. Following the allotment, Paytm Arab Payments will cease to be a wholly owned subsidiary of Paytm Cloud Technologies Limited and will instead operate as a 51% owned subsidiary, while continuing as a step-down subsidiary of One97 Communications.
Paytm Arab Payments was incorporated to drive the expansion and deployment of Paytm's technology-led merchant payments and financial services offerings in the UAE market. The induction of a strategic local partner is expected to strengthen the company's regional positioning and market access.
Separately, the board of Paytm Cloud Technologies has also approved the incorporation of two new wholly owned subsidiaries in Indonesia and Luxembourg, with a combined initial investment of INR 25 crore. The moves align with Paytm's stated strategy of exploring select overseas markets and scaling its digital payments and financial services capabilities beyond India.
Source - PTI
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