NEW DELHI, 25th Nov 2019- India’s leading digital payment firm Paytm has raised fresh $1 billion funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial.
T. Rowe Price Associates, Inc. and Discovery Capital are the new investors participated in this round.
However, Paytm did not officially disclose the details but as per Pixr8 sources Paytm raises $1 billion in the latest round.
The company will expand into insurance, lending and investments and invest $1.39 billion over the next three years to include more users in the country, Paytm said.
After this funding round Founder & CEO of Paytm, Vijay Shekhar Sharma has said,
“At Paytm, we are committed to bringing half a billion Indians to the mainstream economy by onboarding them in the formal financial ecosystem. This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services.”
Paytm currently serving merchants in over 2000 towns and cities spanning across 650 districts.
The company also strengthening its user engagement with content services under Paytm Inbox that offers games, news, videos and more.