Paytm said it has raised fresh funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial on Monday.
The company has not officially disclosed details of the funding, but a source said the Indian company raised $1 billion in the latest round.
Today, we open next chapter in Paytm’s journey of India’s financial inclusion. We commit to invest additional ₹10,000 crore to serve financially unserved / underserved.
Thank you for your guidance and support.
Dedicating it with my school time favorite Jai Shankar Prasad poem:
— Vijay Shekhar (@vijayshekhar) November 25, 2019
The company in its blog shared that in this new phase focus will lie on delivering ‘the vision of bringing new-age financial services such as lending, insurance, investments, stockbroking to the masses’. The company plans to invest Rs. 10,000 crores over the next three years to boost financial inclusivity to the masses.
Paytm said in a statement that accounts advised by T. Rowe Price Associates were among the new investors for the fund.
Source: Hindustan Times