MUMBAI — The founding father of Indian cellular funds supplier Paytm will buy a number of the fintech firm’s shares from massive investor Ant Group, searching for to scale back its reliance on Chinese capital amid persevering with tensions between New Delhi and Beijing.

Vijay Shekhar Sharma, who can also be the founder and CEO of Paytm mum or dad One97 Communications, will purchase a ten.3% stake by means of his entity within the Netherlands, it was introduced Monday. The transaction is valued at $628 million primarily based on the Aug. 4 closing worth of Paytm. Convertible debentures might be issued to Ant Group as an alternative of money funds.