In one of the largest fund raises by an Indian tech startup, Paytm has scooped up $1.4 billion from Japan’s SoftBank valuing the digital payments and commerce company at $8 billion, post the investment. The Noida-based One97 Communications , which operates Paytm, along with SoftBank said Thursday this investment will help Paytm grow its leadership in the country’s payments ecosystem, expand its user base and build a suite of financial services products. Paytm did not comment on its valuation in its press statement.
Commenting on the development, Paytm’s Vijay Shekhar Sharma said, “We are at an inflection point in our journey with Paytm. This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team’s execution and vision. We believe we have a great opportunity to bring financial inclusion to half a billion Indians.”
Masayoshi Son, chairman and CEO, SoftBank Group added, “In line with the Indian government’s vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments.” FE