SoftBank-backed Paytm raises US$660 million

SoftBank-backed Paytm raises US$660 million

Indian digital payments startup Paytm's parent has raised nearly US$660 million from investors including Alibaba's Alipay, SoftBank's SVF Panther (Cayman) and funds managed by T Rowe Price among others, according to a filing.

A vendor weighs vegetable next to an advertisement of Paytm, a digital payments firm, hanging amids
A vendor weighs vegetable next to an advertisement of Paytm, a digital payments firm, hanging amidst his vegetables at a roadside market in Mumbai, April 2, 2019. REUTERS/Francis Mascarenhas

BENGALURU: Indian digital payments startup Paytm's parent has raised nearly US$660 million from investors including Alibaba's Alipay, SoftBank's SVF Panther (Cayman) and funds managed by T Rowe Price among others, according to a filing.

The board of One 97 Communications Ltd will allot about 2.6 million shares to the investors, financial data accessed by business intelligence platform Tofler dated Dec. 12 showed.

This is SoftBank-backed Paytm's second fundraise after the Japanese tech investment giant and other backers such as Ant Financial and T Rowe Price Associates pumped in US$1 billion last month, valuing the company at US$16 billion.

Paytm did not immediately respond to a request for a comment on the latest funding.

(Reporting by Derek Francis in Bengaluru)

Source: Reuters

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