Paytm has raised USD 1 billion through a new financing round, named funding, according to FoneArena.
The company, now valued at USD 16 billion, had its funding led by US asset manager T Rowe Price with existing investors Ant Financials (contributed USD 400 million), SoftBank Vision Fund (contributed USD 200 million), and Discovery Capital also participating in the round.
The newly raised capital will be used by Paytm to court merchants, as the company looks to expand its presence among small and medium-sized businesses.
The company will also be working on expanding their offerings in consumer internet, bringing new-age financial services such as lending, insurance, investments, stockbroking to the masses.
Paytm mobile wallet enables users to transfer money to each other, pay for food delivery and clear utility bills, buy train and movie tickets as well as secure small loans. One97 Communications, which operates Paytm, has raised more than USD 3.3 billion to date.
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