One97 Communications Ltd, the parent company of Paytm, has secured new funding from Softbank Group Corp and Ant Financial Services Group.
In Brief:
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The investment leaves the company with a value of €16bn, according to sources.
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Paytm is an Indiabased product that allows users to pay for groceries, utilities and more.
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The company also has an ecommerce platform and even offers savings accounts.
What does this mean?
As well as existing investors Ant and SoftBank, Paytm has seen support form we investors including T. Rowe Price Associates Inc. If the valuation of $16bn is correct, this marks a rise of $1bn from the previous valuation in August.
