Paytm raises $1 billion in fresh funding from SoftBank, Alibaba’s Ant, others

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New Delhi/bengaluru | Published: November 25, 2019 10:48:09 AM

The company will expand into insurance, lending and investments and invest 100 billion rupees ($1.39 billion) over the next three years to include more users in the country, Paytm said.

paytm funding, paytm funding news, Paytm, paytm funding alibaba, paytm alibaba funding, paytm alibaba softbank, paytm alibaba share, paytm alibaba cloud, paytm alibaba mergerA business daily newspaper quoted Paytm Chief Executive Officer Vijay Shekhar Sharma as saying the round would lift the company’s valuation to billion. (Reuters)

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 $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.

A business daily newspaper quoted Paytm Chief Executive Officer Vijay Shekhar Sharma as saying the round would lift the company’s valuation to $16 billion.

The company will expand into insurance, lending and investments and invest 100 billion rupees ($1.39 billion) over the next three years to include more users in the country, Paytm said.

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