On Monday, Paytm, an Indian digital payments company stated it has raised fresh funds totaling to $1 billion from a group of investors which includes existing backers such as SoftBank’s Vision Fund and China’s Ant Financial Services.

The funding round saw Paytm being valued at $16 billion.

A fresh investment in Paytm by Japan’s SoftBank’s comes in the wake of firm’s founder Masayoshi Son battling to restore his reputation after an ill-fated investment in WeWork. New investment deals by SoftBank are under growing scrutiny following its first quarterly loss in 14 years.

On Monday, Paytm stated it will use the funds to expand into insurance, stockbroking, lending, and investments; it also seeks to invest $1.4 billion (100 billion rupees) over the next three years to bring in more users to its services.

“This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services,” said Vijay Shekhar Sharma, Paytm’s founder and chief executive in a statement.

Other investors in Paytm’s latest funding round included Discovery Capital and funds advised by T. Rowe Price Associates.