Indian e-commerce company Paytm tends to expand the reach and adoption of payments and financial services in the country
Paytm announced its latest equity fundraise from a group of investors, including existing shareholders such as Ant Financial, Softbank Vision Fund, and new investors including funds and accounts advised by T. Rowe Price Associates, Inc. among others. Discovery Capital, an existing shareholder of the company has also participated in the round.
Paytm aims to use the fresh funds as well as existing investors to tempt merchants to shift back to the Paytm platform.
During the first phase of growth, Paytm managed to launch a low-cost digital payment using QR-code technology. For now, the company is serving merchants in over 2000 towns and cities spanning across 650 districts. Paytm wants to pay more attention to rural regions of India, bringing low-cost mobile-enabled financial services. That would bring millions of rural Indians towards self-sustainability through new workplaces.
The next phase aims to expand Paytm’s offerings through the Internet. It means they want to bring financial services such as lending, insurance, investments, stockbroking to the masses.
Along with that, Paytm tends to invest Rs. 10,000 Cr. over the next 3 years to bring financial inclusion to more underserved users in the country.