Paytm founder Vijay Shekhar Sharma said that he is not buying a stake in Indian private sector lender Yes Bank.
The news was reported by several media sources last year.
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At that time, Yes Bank CEO Ravneet Gill told Reuters in an interview: “We are in fairly advanced level of talks right now.” However, he did not confirm the investor’s name.
Sharma has now refuted negotiations with Yes Bank founder Rana Kapoor on the stake acquisition.
In an interview, Sharma stated: “It wasn’t confirmed or correct.
“If we as a group have a bank and, I as a chair of the bank, own 51% of the bank, it sounds too far-fetched for an individual or company (to pick up Kapoor’s stake).”
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By GlobalDataSharma also unveiled plans to make Paytm a small finance bank (SFB) following completion of five years as a payments bank.
Besides, he announced that Paytm intends to remain private for a long time, negating his earlier statement that said that the firm will pursue an IPO only after 2021.
Denying possibility of IPO currently, Sharma said “that’s not what investors have come in for”.
“We are an Indian company. I would rather stay private and try to become profitable,” he said.
