Paytm Cloud Technologies to Incorporate Two Step-Down Subsidiaries in Indonesia and Luxembourg

Paytm Cloud Technologies Limited (PCTL), a wholly owned subsidiary of One 97 Communications Ltd, has approved the incorporation of two step-down subsidiaries in Indonesia and Luxembourg. This move is in line with the company's strategy to expand its technology-led merchant payments and financial services stack in international markets. The Indonesian subsidiary will be incorporated without any governmental or regulatory approvals, with an initial investment of up to INR 25 Crores. Similarly, the Luxembourg subsidiary will also be incorporated without any approvals, with the same initial investment. The company will hold 100% shares in both subsidiaries through PCTL. In a separate development, Paytm Arab Payments L.L.C (PAPL), a WOS of PCTL, has approved the issuance and allotment of 76,862 equity shares to Abbar Global Opportunities Holdings Limited (AGOHL), making AGOHL a 51% owner and PAPL a step-down subsidiary of the company.