Airtel chief Sunil Mittal seeking stake in Indian fintech Paytm

However, a representative for Paytm has clarified the matter, “We remain fully focused on our strong organic growth journey and are not involved in any such discussions.” Meanwhile, a spokesperson for Bharti Enterprises Ltd., controlled by Mittal, declined to comment on market speculation.

Paytm, formerly known as One 97 Communications Ltd., has recently shown signs of profitability and has rebounded about 40 percent from its record low in November. The company has narrowed its Q3 loss after focusing on customer acquisition, leading to a boost in revenue, it said in an exchange filing this month.

Despite this, Paytm's shares have never traded above its IPO price of Rs 2,150 since its listing in November 2021, and the company had the worst first-year share plunge among large IPOs over the past decade. Its investors include SoftBank Group Corp. and Ant Group Co. from China.

Mittal's six-year-old payments bank boasts 129 million customers and has turned a profit in the year to March 31, 2022, according to exchange filings.