Paytm pledges all its assets to borrow ₹1,400 crore from ICICI Bank

Mumbai: Vijay Shekhar Sharma’s One97 Communications Ltd, the parent of fintech startup Paytm, has pledged all its current assets and mutual fund investments to be able to borrow ₹1,400 crore for working capital needs from ICICI Bank Ltd.

On 18 January, Paytm and ICICI Bank Ltd entered into an agreement under which One97 Communications’ entire current assets worth ₹7,085.1 crore as on 31 March 2018 was hypothecated by the bank to boost the startup’s borrowing capacity. Until now, Paytm could borrow up to ₹400 crore from the bank for working capital.

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