Paytm First Games secures $30-mn loan from One97 Communications, others

Aiming to expand its business operations and growth opportunities, Paytm First Games (PFG) has secured a loan of $30 million from One97 Communications and other existing investors, according to sources.

The loan will be given in two tranches, payable within five years, and will also have the option to be converted into equity shares. According to the FY21 report of Paytm, Paytm Entertainment Limited had given a short term loan amounting to Rs 80.92 given to its joint venture company, Paytm First Games Private Limited (PFG) on account of a commercial exigency and sudden business needs owing to the ongoing pandemic and this loan is due for repayment in June 2021.

PFG had earlier taken debt of $11 million (approx Rs. 81 crores), of which Rs. 25 crores has already been paid in May, and the balance will be repaid in June.

Source: Business Standard