Indian e-commerce payment system and financial technology company Paytm has announced its latest equity fundraise from a group of investors.
The investors include existing shareholders Ant Financial, Softbank Vision Fund, along with the new investors including funds and accounts advised by T. Rowe Price Associates have participated in the fundraise.
In addition, Discovery Capital, one of its existing shareholders, has also participated in the funding round, said the company.
Paytm founder and CEO Vijay Shekhar Sharma said: “At Paytm, we are committed to bringing half a billion Indians to the mainstream economy by onboarding them in the formal financial ecosystem. This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services.”
In the first phase of growth, the company has initiated low-cost digital payment acceptability in India using its QR-code technology in local shops and retailers.
Currently, Paytm serves merchants in more than 2000 towns and cities spread across 650 districts and is aimed at bringing low-cost mobile-enabled financial services to rural parts of India.
Paytm plans to expand its offerings in consumer internet
In the next phase, the company intends to expand its offerings in consumer internet and incorporate the financial services like lending, insurance, investments, stockbroking to the masses.
In addition, it is also aimed at strengthening user engagement by providing content services under Paytm Inbox, offering games, news, videos and more.
The company said that it intends to invest INR100bn ($1.4bn) over the next 3 years to bring financial inclusion to more underserved users, and support rural Indians by creating new jobs.
Paytm claims that it offers services in 11 Indian languages, which include online mobile recharges, utility bill payments, travel, movies, and events bookings along with in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions.
Furthermore, the company is committed to expanding the reach and adoption of Payments and Financial Services in India.
