Paytm in talks to raise another $1 billion funding: Sources

By: |
Published: November 28, 2019 9:33:03 PM

Paytm had earlier this week announced a USD 1 billion (around Rs 7,173 crore) fund raise led by US-based asset management firm T Rowe Price.

Paytm, Digital payments, David Cameron, Vijay Shekhar Sharma, Warren Buffett, Berkshire Hathaway, latest news on paytmOn Monday, Paytm had said it is planning to invest around USD 1.4 billion over the next three years to expand financial services.

Digital payments major Paytm is looking at raising another round of funding of USD 1 billion, and is in discussion with multiple investors, including former UK Prime Minister David Cameron, according to sources. Sources close to the development said the discussions are on and might take a few weeks to get finalised. They added that the funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
Paytm declined to comment, while a response from Cameron could not be elicited immediately.

Paytm had earlier this week announced a USD 1 billion (around Rs 7,173 crore) fund raise led by US-based asset management firm T Rowe Price. Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round.

Also read| Ariel, Tide, Gillette manufacturer hunts for ‘eco-friendly’ small businesses, startups; here’s what on offer

Interestingly, Paytm founder and Chief Executive Officer Vijay Shekhar Sharma tweeted a photograph of him and Cameron on Thursday. “With so inspiring and savvy @David_Cameron in Singapore! Thanks Sir for your lesson on giving back to society and creating social impact with business,” he added.

On Monday, Paytm had said it is planning to invest around USD 1.4 billion over the next three years to expand financial services. Reports earlier this year had stated that Paytm, which is facing mounting losses, was looking at raising up to USD 2 billion in funding. The company has said it will look at a public listing only after 2021.

Paytm had raised USD 300 million from Warren Buffett’s Berkshire Hathaway in September last year. One97 Communications Ltd (OCL), the parent company of Paytm, had posted a loss of Rs 3,959.6 crore in 2018-19 as against Rs 1,490 crore a year ago, and its standalone revenue rose marginally to Rs 3,319 crore from Rs 3,229 crore in 2017-18, as per reports.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Lend more to women, SIDBI tells how microfinance can boost women entrepreneurship
2Forget spending big on marketing, branding; here’s what can get entrepreneurs more bang for their buck
3Want to redesign the financial experience of youngsters: Rajan Bajaj, Founder, Slice | Interview