UBS Group is in talks to invest USD 400 million in Paytm, a valuable Indian startup, according to Business Standard.
A fund run by UBS’s asset management arm is in discussions to buy a stake in Paytm alongside some of the Swiss bank’s clients, Business Standard cited people familiar with the matter, who asked not to be identified because the information is private. UBS is negotiating the purchase of Paytm stock from a group of the Indian fintech company’s employees, the people said.
UBS aims to finalise an agreement in January 2021. Paytm is not raising any new capital as part of the deal, the people said. Paytm competes with the likes of Google Pay, Walmart’s PhonePe, Facebook’s WhatsApp payments service, and dozens of smaller startups.
Representatives for UBS and Paytm declined to comment.
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