Paytm, an Indian e-commerce payment system and financial technology company, is in advanced stage talks with multiple investors, including former UK Prime Minister David Cameron to raise another $1 billion in funding. As per sources, the discussions are on and might take a few weeks to get finalised. Paytm is presently backed by investors – T Rowe Price, Ant Financial and SoftBank Vision Fund.
Earlier this week, Paytm had raised fresh equity funds amounting to $ 1 billion. The funding was led by T Rowe Price, with participation from existing investors – Ant Financial and SoftBank Vision Fund. The funding had been at the valuation of $16 billion. Earlier in August 2018, the company had raised $ 300 million from Berkshire Hathway at a valuation of $ 10 billion.
As per sources, the funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
Paytm is India’s largest payments company that offers multi-source and multi destination payment solutions. It offers comprehensive payment solutions to over eight million merchants and allows consumers to make payments from any bank account to any bank account at 0% fee.
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