Archive · 18 Aug 2026
Paytm Founder Retains Stake as Antfin Receives Share Sale Value
Paytm is a big company in India that helps people pay using their phones.
A man named Vijay Shekhar Sharma started the company and runs it.
Vijay owns a special company called Resilient.
That company is planning to sell a small part of Paytm's shares.
But the money from the sale will not go to Vijay.
Instead, the money will go to another company called Antfin.
This was agreed a few years ago, when Resilient got the shares but promised that Antfin would get any money from selling them.
Vijay's own part of Paytm, about 9 percent, stays exactly the same.
Paytm says the deal does not change anything for Vijay and that he still believes in the company.
Also, Paytm recently made its first yearly profit, which is good news.
Vijay Shekhar Sharma will not gain financially from the proposed 4.98% stake sale in One97 Communications Ltd (Paytm), with proceeds going to Antfin.
Sharma's roughly 9% direct stake in Paytm will remain unchanged, and Paytm said it is not a party to the proposed sale.
The block trade will be executed under an existing optionally convertible debenture agreement between Resilient and Antfin.
The arrangement dates to August 2023, when Sharma-owned Resilient acquired about 10.2% of Paytm's equity from Antfin, with Antfin retaining the economic interest.
Bernstein raised its Paytm target price to Rs 2,200 from Rs 1,500, and Paytm posted its first full-year profit of Rs 552 crore in FY26 with revenue up 22% to Rs 8,437 crore.
- Who
- Vijay Shekhar Sharma, founder and CEO of Paytm, whose wholly owned vehicle Resilient Asset Management BV will undertake the sale; Antfin receives the proceeds.
- What
- A proposed sale of a 4.98% stake in One97 Communications Ltd (Paytm) through a block market trade, with all economic value going to Antfin and Sharma's direct stake unchanged.
- When
- Announced via exchange filing late Monday evening; the underlying agreement dates to August 2023.
- Where
- India — Paytm is an Indian company (report dateline: New Delhi).
- Why
- The sale is executed under an existing optionally convertible debenture agreement between Resilient and Antfin, which entitles Antfin to the economic value of the shares.
Skeptical Interpretation
Company Clarification
Founder Stake Sale
Skeptical Interpretation
The sale of a 4.98% stake by Sharma-owned Resilient could be read as the founder reducing his position in Paytm, especially since Paytm shares had traded below their IPO price since the 2021 listing.
Company Clarification
Paytm clarified that Sharma's direct ~9% stake is unchanged, that he gains nothing financially, and that the sale simply lets Antfin realize value under a 2023 agreement.
Paytm's Financial Outlook
Skeptical Interpretation
Paytm struggled after its 2021 listing, with no brokerage setting a price target above its Rs 2,150 IPO price until now.
Company Clarification
Bernstein raised its target to Rs 2,200 citing potential income from a UPI merchant discount rate, and Paytm reported its first full year of profitability.
- Company
- One97 Communications Ltd (Paytm)
- Stake being sold
- 4.98%
- Seller
- Resilient Asset Management BV (fully owned by Vijay Shekhar Sharma)
- Proceeds recipient
- Antfin
- Founder's direct stake
- Roughly 9%, unchanged
- Agreement origin
- August 2023 — Resilient acquired ~10.2% equity from Antfin via optionally convertible debentures
- FY26 profit after tax
- Rs 552 crore (first full-year profit since 2021 listing)
- Bernstein target price
- Raised to Rs 2,200 from Rs 1,500
