Early Paytm backer Elevation Capital part sells stake in fintech worth Rs 1,556 crore

Venture Capital firm Elevation Capital, which was among the earliest backers of fintech platform Paytm, has offloaded a nearly 2% stake in the company for Rs 1,556 crore, according to bulk deal data on the National Stock Exchange (NSE).

This is the first time Elevation Capital has sold Paytm shares since the Noida-headquartered company’s initial public offering (IPO) in November 2021.

Prior to the sale, Elevation Capital — through two of its entities — held a little over 15% in Paytm. It will continue to be the largest institutional shareholder…