Industry

Paytm raises $1 billion in fresh funding led by T Rowe Price

Existing investors Alibaba and Softbank also participated in the funding round. | File

Existing investors Alibaba and Softbank also participated in the funding round. | File   | Photo Credit: K.V.S. Giri

The company plans to invest $1.4 billion over the next three years to expand financial services

Digital payments firm Paytm on Monday said it has raised $1 billion (around ₹7,173 crore) in fresh round of funding led by U.S.-based asset management firm T Rowe Price.

Existing investors Alibaba and Softbank also participated in the funding round, according to a company statement.

The company plans to invest around $1.4 billion over the next three years to expand financial services.

“Paytm will invest ₹10,000 crore ($1.4 billion) over the next three years to bring financial inclusion to more underserved users in the country,” it said.

Paytm CEO Vijay Shekhar Sharma reportedly said the fresh round of funding is of $1 billion led by T Rowe Price in which Chinese e-commerce major Alibaba’s subsidiary Ant Financial pumped in $400 million and Softbank $200 million, taking the company’s valuation at $16 billion.

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Printable version | Feb 23, 2020 8:14:38 AM | https://www.thehindu.com/business/Industry/paytm-raises-1-billion-in-fresh-funding-led-by-t-rowe-price/article30075455.ece

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