Mobile payments firm Paytm today said Mountain Capital will make an investment in the company, which will allow the consumer brand of One97 Communications to accelerate and a develop vibrant mobile ecosystem.
The proceeds of the investment will be used for expansion and scaling up, boosting payments and commerce and building and launching the proposed Paytm Payments Bank, Paytm said in a statement, without disclosing the amount of financial infusion.
“MediaTek’s endorsement on Paytm through Mountain Capital further demonstrates its confidence in the proliferation of India’s digital payments and mobile Internet ecosystem,” Vijay Shekhar Sharma, Founder & CEO, Paytm said.
“For Paytm, our mission is to bring half a billion Indians to the mainstream economy,” he added.
“India is ripe for its financial services revolution and with the growing penetration of smartphones, we have an opportunity to give a new business model of payment, banking and financial services combined with online commerce,” he said.
Paytm has a strong network of offline retailers for payments, as well as mobile wallet users.
It offers digital payments at several partner destinations such as movie tickets, fuel stations, automobile booking, education institutes, flight and hotels booking, utility bills, Kirana stores, cab fares, among others, so far.