Paytm raises funding from global investors

Indian e-commerce company Paytm tends to expand the reach and adoption of payments and financial services in the country

Funding

Paytm raise funding from global investors. Source: shutterstock.com

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.

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
Vijay Shekhar Sharma, Paytm Founder & CEO

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.

SEE ALSO:

Categories: All materials Fintech News
facebook