Paytm raises USD 1 billion in fresh funding
Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial.
Paytm did not officially disclose details of the funding, but a source said the Indian company raised USD 1 billion in the latest round.
Accounts advised by T Rowe Price Associates were among the new investors for the fund, Paytm said in a statement.
Financial daily Economic Times quoted Paytm Chief Executive Officer Vijay Shekhar Sharma as saying the round would lift the company’s valuation to USD 16 billion.
The company plans to expand into insurance, lending and investments and invest 100 billion rupees (USD 1.39 billion) over the next three years to include more users in the country, Paytm said.
PostedOn: 25 Nov 2019 Total Views: 324