One97 Communications Limited (OCL), parent company of Paytm – has raised fresh equity funds amounting to $ 1 billion. The funding is led by T Rowe Price, with participation from existing investors – Ant Financial and SoftBank Vision Fund. The funding has been at the valuation of $ 16 billion. During its earlier fund raise in August 2018, the company had raised $ 300 million from Berkshire Hathway at a valuation of $ 10 billion.
This round of funding also saw the participation of Discovery Capital, along with some other investors. In this round – SoftBank has invested $200 million and Ant Financial has invested $400 million. Including the present round of funding – the company has raised a total of about $ 3.5 billion.
As per an Economic Times report earlier this month – investor SoftBank, had placed a condition for its investment – that the company should go public in next 5 years, failing which it would sell its holdings to a rival company.
In a media statement, Vijay Shekhar Sharma, Founder & CEO of Paytm, said, “At Paytm, we are committed to bringing half a billion Indians to the mainstream economy by on-boarding 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.”
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