India’s largest mobile payments company Paytm has confirmed a $1 billion funding round at a valuation of $16 billion.
Last month, Crowdfund Insider cited a report that indicated Paytm was planning a $2 billion funding round with a valuation of $15 billion.
According to a blog post, existing shareholders Ant Financial, Softbank Vision Fund, Discover Capital, joined with new investors to provide the new funding.
Accounts advised by T. Rowe Price Associates, Inc. among others, also participated.
Paytm is currently serving merchants in over 2000 communities across 650 districts. The company seeks to bring low-cost mobile-enabled financial services to rural India.
Paytm founder & CEO, Vijay Shekhar Sharma stated:
“At Paytm, we are committed to bringing half a billion Indians to the mainstream economy by onboarding them in the formal financial ecosystem. This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services.”
The company expects to invest Rs. 10,000 Cr. over the next 3 years to “bring financial inclusion to more underserved users in the country.”
