The company, backed by Alibaba, Berkshire Hathaway, and SoftBank among other, said it will issue new shares worth USD 1.1 billion and offer sale worth of USD 1.1 billion.
The startup plans to use the fresh capital of USD 577 million to broaden its payments services offering and about USD 269 million to enter into new initiatives and explore acquisition opportunities, according to statements cited by TechCrunch.
Paytm operates a payments gateway, ecommerce marketplace, ticket booking, and also sells insurance and digital gold. The startup, formally known as One97 Communications and last valued at USD 16 billion, platform has amassed over 333 million users, 114.3 million of whom transact annually, and has onboarded over 21 million merchants, the company statement said.
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