New Delhi, June 24 : One97 Communications, which controls Paytm, and Clix Capital are in advanced talks for a strategic stake in its planned peer-to-peer(P2P) lending platform, according to a report by Business Standard. Both sides have had multiple discussions and are now discussing the finer aspects of the deal, the report added.
Moneycontrol could not independently verify the report.
Another source told the newspaper that Paytm has registered with the Reserve Bank of India (RBI) to run its P2P lending platform for providing services to loans through an app or web. However, the service has not begun.
The P2P lending allows borrowers looking for loans and lenders who want to offer loans at various interest rates meet in the digital platform. It has gained popularity abroad, but has not taken off here as only a dozen companies are providing such services.
Lenders in P2P also charge higher interest rates as borrowers are mostly those who cannot avail loans from other sources.
RBI has placed a cap of Rs 10 lakh on lenders for providing such loans. Pair it with the meltdown of NBFCs, it makes it difficult on the lending platform to raise money from its foreign investors.
If the deal materialises with Paytm, it will add another dimension to the business.
