According to NITI Aayog Report-India’s Planning Advisory body, it stated that the Softbank Vision Fund has invested additionally $200 Million in the Indian Digital Payments firm Paytm.
In its final round of fundraising, Softbank Vision Fund’s investment raised $1 billion by Paytm, thus making the total asset valued as for the Indian digital payment start-up at $16 billion. The other funds’ raiser along with Paytm was US asset manager T Rowe Price along with other existing investors such as Ant Financial and Discovery Capital.
Thus, it becomes the largest ever amount as raised by an Indian start-up firm this fiscal year. As stated by Vijay Shekhar Sharma, CEO of One97 Communications, Paytm’s parent company stated that “Led from TT Rowe Price, $1 billion has been raised accordingly.” He also added accordingly that “the Softbank has pumped in a total of $200 million and Ant Financial pumping in $400 million.”
SoftBank, that initially endowed Paytm in 2017, holds regarding a nineteen percent stake within the company. Paytm also stated that the recent investments are going to be used for growing the payments and monetary services business of the corporate.
The digital payment corporate stated that “In its initial part of growth, Paytm pioneered the st price digital payments acceptance in India utilizing its QR-code technology amongst native establishments, shopping arena,and retailers.”
“The company can invest and support variant rural Indians towards self-sustainability through job creation.”
Paytm, although had the primary mover advantage within the Indian market, has been facing intense competition from Google Pay and Walmart Inc.-owned PhonePe Pvt. Ltd. The digital payment market in Republic of India is projected to succeed in $1 trillion by 2023, in keeping with a report by India’s coming up with informative body, NITI Aayog.