India’s Paytm raises $1 billion in contemporary funding

FILE PHOTO: A employee adjusts a hoarding of Paytm, a digital funds agency, in Ahmedabad, India, January 31, 2019. Image taken January 31, 2019. REUTERS/Amit Dave

NEW DELHI/BENGALURU (Reuters) – Indian digital funds firm Paytm mentioned on Monday it has raised contemporary funds from a bunch of buyers, together with present backers similar to SoftBank’s (9984.T) Imaginative and prescient Fund and Alibaba’s (BABA.N) Ant Monetary.

Paytm didn’t formally disclose particulars of the funding, however a supply mentioned the Indian firm raised $1 billion within the newest spherical.

Accounts suggested by T. Rowe Worth Associates had been among the many new buyers for the fund, Paytm mentioned in a press release right here

Monetary each day Financial Instances quoted Paytm Chief Govt Officer Vijay Shekhar Sharma as saying the spherical would carry the corporate’s valuation to $16 billion.

The corporate will increase into insurance coverage, lending and investments and make investments 100 billion rupees ($1.39 billion) over the following three years to incorporate extra customers within the nation, Paytm mentioned.

Reporting by Sankalp Phartiyal inNew Delhi and Derek Francis in Bengaluru, Modifying by Sherry Jacob-Phillips

Our Requirements:The Thomson Reuters Belief Ideas.

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