Paytm raises $1 billion in fresh funding

PayTM CEO said that this move is aimed at promoting financial inclusivity among the masses.

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.

Vijay Shekhar Sharma Founder and CEO,Paytm, photographed in his office. PayTM has raised $1 bn in fresh funding. (Ramesh Pathania/HT Mint)

The company has not officially disclosed details of the funding, but a source said the Indian company raised $1 billion in the latest round.

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.