Paytm raises US$1.4 billion from SoftBank

Paytm raises US$1.4 billion from SoftBank

Paytm said on Thursday it has raised US$1.4 billion from Japan's SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia's third-largest economy.

Advertisements of Paytm, a digital wallet company, are seen placed at stalls of roadside vegetable vendors in Mumbai, November 19, 2016. REUTERS/Shailesh Andrade/Files

MUMBAI: Paytm said on Thursday it has raised US$1.4 billion from Japan's SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia's third-largest economy.

SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications, according to a statement from the Indian digital payments provider.

China's Alibaba, which counts SoftBank as its biggest investor, already holds a stake in Paytm.

(Reporting by Sankalp Phartiyal; Editing by Rafael Nam)

Source: Reuters