One97 communications, the owner of Paytm, is all set to raise $1.9 billion (approximately Rs. 12,000 crores) from Japanese investor Softbank. This funding is likely to value Paytm at $9 billion and SoftBank will pick up 20% stake in Paytm.
This news did not come to us as a surprise because it was just a week before SoftBank announced that it will invest anywhere between $1.2 billion to $1.5 billion in the payments firm. Paytm occupying the top most position in the payment banks sector grabbed this deal.
According to reports from a financial daily, the deal was agreed to earlier this week and is waiting for approval from the board.
In March this year Paytm has raised $200 million total from Chinese online e-commerce sector Alibaba and other existing investors SAIF Partners.
This Japanese major SoftBank is also in talks to sell Snapdeal, its largest investment in India, to Flipkart. And also, SoftBank is also looking to sell Freecharge, both Flipkart and Paytm are curious to snap up this business.
Paytm’s CEO and Founder Vijay Shekhar Sharma who was appeared on Time’s 100 Most Influential People’s list said: “Paytm has closed the fiscal year 2017 with threefold growth in total transactions to $1.5 billion. The company has over 200 million wallet users, and is more than double the size of closest competitors like MobiKwik.”
SoftBank’s Masayoshi Son has till date invested $10 billion in the country in a decade. SoftBank’s other firms in India include messaging app Hike, SnapDeal, OYO rooms and mobile advertising firm InMobi.
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