The Securities and Exchange Board of India (SEBI) relaxed norms for angel funding in the country. The total number of angel investors allowed to invest in a venture is now raised to 200 from 49 and reduced the minimum investment amount to $36K from the previous limit of $76K.
In another development, Paytm’s parent company, One97 Communications Ltd and its founder Vijay Shekhar Sharma collectively invested $32 Mn (INR 220 Cr) till date in Paytm Payments Bank Ltd, ahead of its launch that has now been pushed towards early 2017. Sharma has invested $16 Mn (112 Cr) in the business, while the rest has come from One97. Sharma will hold a 51% stake in the Payment bank, and 49% stake will be held by One97.