Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

SoftBank-backed Paytm raises $1 billion in fresh funding

Stock Markets Nov 25, 2019 03:39AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad
 
9984
-2.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BABA
+1.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

NEW DELHI/BENGALURU (Reuters) - Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's (T:9984) Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round.

SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork.

New investment deals by SoftBank are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund.

Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services.

"This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement.

Other investors include Discovery Capital and funds advised by T. Rowe Price Associates.

SoftBank-backed Paytm raises $1 billion in fresh funding
 

Related Articles

Tesla's third-quarter deliveries miss estimates
Tesla's third-quarter deliveries miss estimates By Reuters - Oct 02, 2022 4

Tesla (NASDAQ:TSLA) Inc on Sunday announced its third-quarter electric vehicle deliveries were 343,830, lower than expected and weighed down by production stoppages to update its...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email