Paytm gets funded by T Rowe Price after SoftBank and Ant Financial
By MYBRANDBOOK
In a new financing round, US-based asset management firm T Rowe Price has funded Paytm. The payment company is now valued at $16 billion after it has raised $1 billion and has become one of the sought after start-ups in the country.
T Rowe Price, along with Discovery Capital and D1 Capital, has put about $400 million (Rs 2,871 crore) in the Noida-based company.
SoftBank and Alibaba Group affiliate Ant Financial have earlier invested $200 million (Rs 1,435 crore) and $400 million (Rs 2,871 crore) respectively in Paytm.
Both Discovery and D1 have earlier bought shares of Paytm in secondary transactions and now have invested primary capital in this round.
Interestingly, SoftBank, which owns just about 20% in Paytm parent — One97 Communications — cannot sell its share for the next five years. If Paytm manages to go public during this timeline, SoftBank can choose to sell its shares or it can offer to sell its share to existing investors, in case it still remains a private firm.
According to Paytm founder and CEO Vijay Shekhar Sharma, the company will use the new capital to double down on the merchant expansion in both online and offline channels while making an aggressive push in the financial services business.
“Lending, insurance and new-age banking will be the focus for us. We are in the final process of applying for a general insurance license. On merchants’ side, we have 15 million of them and want to add 20 million more in the next two years,” said Sharma.
Paytm is allocating Rs 10,000 crore for the next three years to expand deeper into rural markets. The company will focus on its payments gateway business as it reduces spends on incentivising peer-to-peer (P2P) transactions on Unified Payments Interface (UPI).
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
TALLY SOLUTIONS PVT. LTD.
CP PLUS INDIA PVT. LTD.
AMARA RAJA POWER SYSTEMS LTD.
JUVAS SOLUTIONS PVT. LTD.
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...