India, Dec. 22 -- Adding to its overseas push, listed fintech major Paytm has announced that it is setting up new subsidiaries in Indonesia and Luxembourg as well as bringing onboard a new investor to its UAE payments arm

In a stock exchange filing today, Paytm said its cloud arm, Paytm Cloud Technologies Ltd (PCTL), has approved the setup of two wholly owned subsidiaries, one in Indonesia and another in Luxembourg.

These overseas units will focus on exporting Paytm's payments and financial services technology to international markets.

Paytm plans to invest up to INR 25 Cr in each of the two subsidiaries.

As part of this restructuring, Paytm transferred its entire offline merchant payments business to PPSL in November, with a book val...