Saroj Poddar-controlled Adventz group today said it was approached for buying a minority stake in Paytm, but has decided against it.
"We were approached by a few merchant bankers for a minority stake in Paytm. But we have decided not to go ahead with it," a top official of the group told PTI today.
According to sources, Saroj Poddar's son Akshay Poddar was negotiating the deal.
Valuation is the key reason for not buying into the leading wallet company, the sources indicated.
According to media reports, industrialists Sunil Munjal and Saroj Poddar were in talks for a secondary deal to buy a minority stake from IDFC Securities analyst Nikhil Vora who holds some 0.35 per cent in One97 Communications, the parent of Paytm.
Paytm last received funding from Taiwan's MediaTek in August.
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