Paytm, India’s financial services firm, has secured $1 billion in its series G funding.
Investors who took place in the Equity funding include Ant Financials and SoftBank Vision Fund who contributed $400 million and $200 million respectively.
Discovery Capital also took part in the funding that was led by U.S. asset manager, T Rowe Price.
According to the firm, they will use the funding to aid its expansion among small and medium-sized businesses. Additionally, the company is set to expand its financial offerings such as lending and insurance.
It also looks to invest about $1.3 billion over the next 3 years to bring financial inclusion to the more underserved users in India.
This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services. With this investment, Paytm hopes to bring low-cost mobile-enabled financial services to rural India.Vijay Shekhar Sharma, Founder & CEO of Paytm
Paytm is an Indian e-commerce payment system and financial technology company. It is based in Noida, India. Its mobile wallet enables users to transfer money to each other, pay for food delivery and clear utility bills, buy train and movie tickets as well as secure small loans.