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Paytm Cloud, a wholly-owned subsidiary of One97 Communications, is set to acquire a 25% stake in Delaware-based Seven Tech for around Rs 8.70 crore ($1 million).
The acquisition is part of Paytm’s strategy to expand its merchant payments and financial services model to international markets.
Seven Technology enables e-commerce platforms to provide digital financial services solutions to micro, small, and medium-sized enterprises (MSMEs) in Brazil. After this, Seven Technology and Dinie will become associate entities of the company.
Launched in 2018, Paytm Cloud recently announced that it will set up businesses in UAE, Saudi Arabia and Singapore to leverage its tech-enabled merchant payments and financial services.
The development comes just after Paytm’s quarterly results for Q3 FY25. The Noida-based company reported Rs 1828 crore revenue and Rs 208 crore losses during the period.