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India’s financial services firm Paytm raises $1B – TechCrunch

India’s financial services firm Paytm raises $1B – TechCrunch

India’s financial services firm Paytm raises $1B – TechCrunch

Paytm stated on Monday it has raised $1 billion in a brand new financing spherical because the Noida-headquartered firm, which as soon as ruled the native cell bills marketplace, makes an attempt to struggle again giants Google, Walmart’s PhonePe, and Facebook.

The corporate stated the brand new financing spherical was once led through U.S. asset supervisor T Rowe Price. Existing buyers Ant Financials (contributed $400 million), SoftBank Vision Fund (contributed $200 million), and Discovery Capital additionally participated within the spherical, which valued the corporate at about $16 billion — upper than another native startup and one of the crucial high-profile Asian startups corresponding to Grab and Gojek.

Paytm founder and leader government Vijay Shekhar Sharma stated the firm will use the recent capital to courtroom traders as Paytm appears to increase its presence amongst small and medium-sized companies. The corporate may also paintings on increasing its financial choices corresponding to lending and insurance coverage to customers. Paytm, which additionally provides its cell pockets provider in Japan, has collected 15 million traders, he stated.

The giant dollar comes as India becomes the latest bills battleground for main world giants Google, Walmart, and Facebook . According to Credit Suisse, the virtual bills marketplace in India shall be value $1 trillion within the subsequent 4 years, up from about $200 billion recently.

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