Paytm likely to raise over $1 billion from SoftBank.
India’s one of the biggest Fintech startup Paytm, run by One97 Communication is in talk with Japan’s SoftBank to raise over $1 billion which will make the latter one of the largest shareholders in the fintech start-up.
The deal, if successful, could increase Paytm valuation to $7-9 billion from the current $5 billion, sources said.
The discussions come when SoftBank is chipping away at a deal plan of e-commerce firm Snapdeal and is probably going to make a declaration in the following couple of weeks.
One of the sources said, Paytm may also buy Snapdeal-owned payments firm Freecharge (SoftBank is Snapdeal’s largest shareholder) as part of the transaction with SoftBank,
an alarm for Amazon which recently received the RBI approval to launch its own digital wallet in India.
Amazon's E wallet
With increasing UPI based payment transaction (majorly promoted by government) this funding will likewise help Paytm to accelerate expansion. The Alibaba sponsored organisation as of now runs mobile wallet and e-commerce services.
Posted On: 21st April, 2017