Paytm raises $1 bn from SoftBank and Alibaba

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 digital payment IndiaPaytm 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.

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