18 May, 2017

Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

Paytm's parent company One97Communications Limited just received $1.4 billion funding from Japan's leading Internet and telecom major SoftBank.
This is the largest round from a single investor in India. Paytm said the investment will help it grow its leadership in the online payment system.
"It will also complement our plan to invest Rs 10,000 Cr (approx $1.6 Bn) over the next three to five years towards our commitment to enable half a billion Indians to join the mainstream economy," Paytm stated in a blog.
Paytm said it will continue to innovate and expand into new online and offline use-cases.
Meanwhile, Paytm Payments Bank is also becoming operational from next week and will be headed by CEO Renu Satti.
Meanwhile, Paytm founder Vijay Shekhar Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.
 

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