Digital payments company Paytm has raised fresh funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial.
Paytm did not disclose details of the funding. Media reports said Paytm raised $1 billion during the latest funding round. Accounts advised by T. Rowe Price Associates were among the new investors for the fund, Paytm said in a statement.
Paytm chief executive officer Vijay Shekhar Sharma told media that the round would lift the digital payment company’s valuation to $16 billion.
Paytm will expand into insurance, lending and investments and invest $1.39 billion over the next three years to add more users in the country.