33 C
New Delhi
September 19, 2020
KhabriBaba
Business

Paytm Funding 2019: India Raises Rs 7 Thousand Crore Funding

Reading Time: 2 minutes
  • 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).

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.

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.

Also Read: RCOM COMMITTEE OF CREDITORS REJECT ANIL AMBANI’S RESIGNATION

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.

0 0 vote
Article Rating

Related posts

India ranks 112th on gender gap, in bottom 5 on health, economic fronts

Ritu Nandal

Getting private funding will be an uphill task for Railways

Ritu Nandal

Modi holds meeting with economists, experts to target $ 5 trillion economy

Ritu Nandal
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Translate »
0
Would love your thoughts, please comment.x
()
x