- This is the biggest funding any Indian startup got this year
- T. Rowe Price, Ant Financial and SoftBank Vision Fund made these investments
- Paytm’s parent company One97 Communications had a loss of 3959.6 crores in 2018-19.
Digital payment company Paytm has received a new investment of $1 billion (Rs 7171 crore). This is the largest amount raised by an Indian startup this year. American fund management firm T. Rowe Price, Alibaba Group’s Ant Financial and Japan’s SoftBank Vision Fund have jointly funded this in Paytm. According to media reports, we believe the current valuation of Paytm to be $$16billion (Rs 1.14 lakh crore).
— Reuters India (@ReutersIndia) November 25, 2019
Paytm is the second largest startup company in the country in valuation
Paytm raised $ 300 million from Warren Buffett’s Berkshire Hathaway last year. At that time, the valuation of Paytm was estimated at $ 10 billion. Paytm is the second major startup in the country. The largest startup company, Flipkart, was valued at $ 21 billion last year. US retailer Walmart bought a controlling stake in Flipkart last year.
— Reuters World (@ReutersWorld) November 25, 2019
Paytm will use the proceeds from the new investment to increase access to offline and online merchants. Company founder and CEO Vijay Shekhar Sharma says that funding from existing and new investors reinforces our commitment to serving the country through new-age financial services.
Paytm’s parent company One97 Communications Ltd says, Paytm is the leader in low-cost digital payment service in the country.
It is serving shopkeepers in 2000 towns in 650 districts. Now the goal is to introduce mobile-based affordable financial services in rural areas.
One97 Communications lost Rs 3,959.6 crore in the last financial year 2018-19. There was a loss of 1,490 crores in 2017-18. However, revenue increased to Rs 3,319 crore in 2018-19. 3,229 crores in 2017-18.