Paytm gets funded by T Rowe Price after SoftBank and Ant Financial
By MYBRANDBOOK
In a new financing round, US-based asset management firm T Rowe Price has funded Paytm. The payment company is now valued at $16 billion after it has raised $1 billion and has become one of the sought after start-ups in the country.
T Rowe Price, along with Discovery Capital and D1 Capital, has put about $400 million (Rs 2,871 crore) in the Noida-based company.
SoftBank and Alibaba Group affiliate Ant Financial have earlier invested $200 million (Rs 1,435 crore) and $400 million (Rs 2,871 crore) respectively in Paytm.
Both Discovery and D1 have earlier bought shares of Paytm in secondary transactions and now have invested primary capital in this round.
Interestingly, SoftBank, which owns just about 20% in Paytm parent — One97 Communications — cannot sell its share for the next five years. If Paytm manages to go public during this timeline, SoftBank can choose to sell its shares or it can offer to sell its share to existing investors, in case it still remains a private firm.
According to Paytm founder and CEO Vijay Shekhar Sharma, the company will use the new capital to double down on the merchant expansion in both online and offline channels while making an aggressive push in the financial services business.
“Lending, insurance and new-age banking will be the focus for us. We are in the final process of applying for a general insurance license. On merchants’ side, we have 15 million of them and want to add 20 million more in the next two years,” said Sharma.
Paytm is allocating Rs 10,000 crore for the next three years to expand deeper into rural markets. The company will focus on its payments gateway business as it reduces spends on incentivising peer-to-peer (P2P) transactions on Unified Payments Interface (UPI).
BREAKING NEWS
TECHNO TRENDS
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Committed to follow future roadmap with 'Make-in-India' 2.0 Vi
As technology advances, AI is used in increasingly disparate ways to help a
India continues to be a key contributor in Hitachi Vantara’s
The brand strategy of Hitachi Vantara is tied to further expanding the Hita
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
SECLORE TECHNOLOGY PVT. LTD.
QUICK HEAL TECHNOLOGIES PVT. Ltd.
LAVA INTERNATIONAL LTD.
SAMSUNG INDIA ELECTRONICS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Vijay Shekhar Sharma
Vijay Shekhar Sharma is an Indian technology entrepreneur and billiona...
Technology Icons Of India 2023: Sridhar Vembu
Sridhar Vembu is an Indian billionaire business magnate and the Founde...
Technology Icons Of India 2023: Ritesh Agarwal
Ritesh Agarwal Founder & CEO of OYO Hotels & Homes-World’s fastest g...
PARTNER SPEAKERS
PSU
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
VIDEOS
Top 25 Brands
Value-Added Distribution
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
