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Indian e-commerce leader Paytm announced a $1.4 Billion investment, by the Japanese Internet and Telecom major SoftBank, to advance its leadership in the Country’s payment ecosystem. This move will make SoftBank a major shareholder and allow SoftBank a seat on the board.
This is one of Paytm’s largest funding rounds by a single investor and the biggest investment for SoftBank in the Indian startup ecosystem. Speaking about the investment, SoftBank’s CEO Masayoshi Son said that they are excited to partner with Paytm in line with the Indian government’s vision to promote digital inclusion. Paytm founder and CEO Vijay Shankar Sharma added this was a great opportunity to bring financial inclusion to half a billion Indians.
Paytm plans to invest approximately $ 1.6 Billion or Rs 10,000 crore towards this goal and plans to bring in 500 million customers on board from the current 220 million. It is all set to launch Paytm Payments Bank on May 23, 2017.
Paytm – run by One97 Communications Ltd., is India’s second most valuable Internet firm based out of Delhi.
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