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Paytm raises funds from leading global investors

26
Nov '19
Pic: Shutterstock
Pic: Shutterstock
Indian digital payment firm Paytm recently announced its latest equity fundraising effort from a group of investors, including existing shareholders like Ant Financial, Softbank Vision Fund and Discovery Capital, and new investors like funds and accounts advisor T. Rowe Price Associates, Inc. The firm plans to introduce new-age financial services like lending, insurance, investments and stockbroking in the next phase.

In its first phase of growth, Paytm pioneered low-cost digital payment acceptability in India using its QR-code technology in local shops and retailers. It now serves merchants in over 2,000 towns and cities across 650 districts.

The company is also strengthening user engagement with content services under Paytm Inbox that offers games, news and videos, according to a company press release.

Founder and chief executive officer Vijay Shekhar Sharma 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.”

The company will invest ₹10,000 crore over the next three years to bring financial inclusion to more underserved users in the country, he added.

Fibre2Fashion News Desk (DS)


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