Paytm CEO sells 1% stake to raise funds for payments bank

Paytm founder and CEO Vijay Shekhar Sharma has raised Rs 325 crore by selling one percent of his stake in One97 Communications, Paytm's parent company, reports Times of India. The money he raises will be used to fund Paytm's upcoming payments bank.After selling his stake to an undisclosed shareholder, he now owns 20.33 percent in One97. Sharma had earlier got an approval from the Reserve Bank of India for the payments bank, on the condition that he holds 51 percent stake in the bank. RBI has also asked the company to move the e-wallet business into the payments bank.Chinese e-commerce major Alibaba, along with its affiliate Alipay, holds 40.94 percent stake in One97 Communications.