Saturday 14 December 2019

SoftBank-backed Paytm raises $660 million

SoftBank-backed Paytm raises $660 millionBENGALURU: Indian digital payments startup Paytm's parent has raised nearly $660 million from investors including Alibaba's Alipay, SoftBank's SVF Panther (Cayman) and funds managed by T Rowe Price among others, according to a filing.

The board of One 97 Communications Ltd will allot about 2.6 million shares to the investors, financial data accessed by business intelligence platform Tofler dated December 12 showed.

This is SoftBank-backed Paytm's second fundraise after the Japanese tech investment giant and other backers such as Ant Financial and T Rowe Price Associates pumped in $1 billion last month, valuing the company at $16 billion.

Paytm did not immediately respond to a request for a comment on the latest funding.

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