Payment and fintech giant Paytm is reportedly about to get about seven percent stake in Japanese payment firm PayPay which is working towards an IPO. This comes two years after Paytm was given a call option to convert its holding into shares.

This was revealed through regulatory filing recently by SoftBank, which owns around 20 percent stake in Paytm’s parent body, One97 Communications.

Based in Japan, PayPay is essentially a QR code based payments firm and is a joint venture between SoftBank and Yahoo Japan. It counts Noida based Paytm as a technology partner. PayPay has nearly 40 million users and has seen two billion annual transactions.

SoftBank Group, which includes auxiliary Yahoo Japan, has more than 90 percent stake in PayPay. SoftBank Group has reported fourth quarter profit of nearly $37 billion. This was largely fuelled by its Vision Fund recording gains on its investment in e-commerce firm Coupang, which went public in March 2020.

Masayoshi Son, CEO, SoftBank, stated, he was increasing his commitment in Vision Fund 2.0 to $30 billion from $10 billion.

SoftBank has been in the news for backing several Indian startups such as social commerce platform Meesho. It has also been doubling down on active companies and has invested atleast $1 billion in Indian companies in the first quarter of the current financial year.

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