FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. Picture taken January 31, 2019. REUTERS/Amit Dave
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 such as SoftBank’s (9984.T) Vision Fund and Alibaba’s (BABA.N) Ant Financial.
Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round.
Accounts advised by T. Rowe Price Associates were among the new investors for the fund, Paytm said in a statement here
Financial daily Economic Times quoted Paytm Chief Executive Officer Vijay Shekhar Sharma as saying the round would lift the company’s valuation to $16 billion.
The company will expand into insurance, lending and investments and invest 100 billion rupees ($1.39 billion) over the next three years to include more users in the country, Paytm said.
Reporting by Sankalp Phartiyal inNew Delhi and Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips