Indian digital payments giant Paytm valued at $16 billion in latest funding round

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s