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A loan close to Rs 300 crore has been taken by the online payments and commerce platform Paytm from ICICI Bank in two tranches.
Vijay Shekhar Sharma, Paytm founder said that “This is a treasury management move for working capital. While adequate funds are there, it is advised by our finance teams to get these credit lines for working capital on the back of security such as FDs (fixed deposits), mutual funds, etc, in order to conserve cash.”
As per the latest documents filed by Paytm with the Registrar of Companies (RoC), cash assets has been pledged by the company as security with the bank. During last year, a small loan of Rs 15 crore was taken by Paytm for working capital requirements from HDFC Bank which has been repaid by the company.
