Deal talks between Bharati and Paytm have reportedly now collapsed. As per reports, the talks over Bharati buying a stake in Paytm came to a halt because Paytm refused to give up management control. Reportedly, the fintech giant didn’t see a strategic alliance in the payments business due to differences in business model.
A Paytm spokesperson told CNBC-TV18 that while they do not comment on market speculation, they can confirm that the company remains fully focused on their strong organic growth journey and that they are not involved in any such discussion.
Last week Bloomberg reported that the telecom giant had shown interest in acquiring a stake in the country's leading digital payments platform.
Meanwhile, Bloomberg reports that Ant Financial plans to further sell its stake in Paytm. Ant held 25 percent stake in the company, of which it sold 3 percent in January 17 this year.