Cholamandalam Investment & Finance Company has agreed to make a strategic investment in Paytail Commerce Private (Paytail) up to a sum not exceeding Rs.9.75 crore in 27,482 equity sharesin one or more tranches subject to satisfactory completion of due diligence and documentation. In this regard, the Company has signed Shareholders Agreement and Share Subscription Agreement on 15 September 2021 with the Paytail, Founders and other existing shareholders of Paytail.
Paytail is a payments software start]up company which works with NBFCs and provides technology for instant loan processing to consumers to buy products as well as services across merchants.
The investment will result in the Company holding up to 16.29% of the equity capital of Paytail.
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