India Digest: Unilever Ventures puts $10m in IDG Ventures; Paytm bank gets more funds

While Unilever Ventures has invested $10 million in IDG Ventures’ fund, One97 Communications and founder Vijay Shekhar Sharma have invested another Rs 122 crore in Paytm Payments Bank.

Unilever Ventures puts $10m in IDG Ventures fund

Unilever Ventures, an investment arm of FMCG giant Unilever Plc, has invested $10 million into the IDG Ventures India Fund during the year, said a report in The Economic Times.

Earlier this year, IDG Ventures India Advisors Pvt. Ltd partnered with Unilever Ventures, and Amazon Web Services Inc. to launch an initiative called Innovation Programme to invest between $500,000 and $5 million in early-stage tech startups in India.

” Unilever Ventures is evaluating startups as part of the Innovation Programme and even otherwise for direct investments,” a Hindustan Unilever (HUL) spokesperson told the newspaper.

These investments in IDG will create the necessary infrastructure for Unilever Ventures, allowing it to evaluate more deals, the report said quoting a regulatory filing with the Registrar of Companies.

Parent, founder pump in $19m more in Paytm Payments Bank

One97 Communications, the parent company of digital payments firm Paytm, and its founder Vijay Shekhar Sharma have invested another  Rs 122 crore ($18.8 million) in Paytm Payments Bank, said a report in The Economic Times.

According to documents filed to the Registrar of Companies quoted in the news report, Sharma has invested Rs 62 crore, while One97 Communications and One97 Communications India put in the remaining part.

With this funding, the total infusion by Sharma and One97 Communications in Paytm Payments Bank has gone up to Rs 400 crore. The two had initially invested about Rs 220 crore in the bank, with Sharma owning majority stake in the bank. In September, they invested another Rs 60 crore.

Paytm Payments Bank was incorporated in August 2016 and launched operations on May this year.

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