India’s fintech decacorn Paytm raises $1 Bn

India's fintech dragon Paytm raises $1 Bn
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The fresh funding round of India’s fintech dragon Paytm has turned its valuation to $16 billion. As reported by Livemint, the round was led by existing investors including Softbank, Ant Financial of Alibaba Group and Discovery Capital; along with a new one, T. Rowe Price Associates.

The company will utilise the fresh funds to extend its services to tier II and tier III cities in India; and invest ₹10,000 cr. in the next three years to specifically tap underserved regions – whilst keeping up with the major competitors including Google Pay and PhonePe.

As said by Vijay Shekhar Sharma, the founder of Paytm in a tweet earlier today…

According to RBI, digital payments have been shot up five times since 2015 to 22.4 transactions per person in the year ended 31 March. And according to NITI Aayog, the market is expected to expand to $1 trillion by 2023. This clearly signifies the positive growth of digital payments in India – at the same time creating a benchmark for Paytm who is currently lagging behind Google Pay and PhonePe in UPI transactions.

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Wajiha Wahab

Part of the editorial team at LAFFAZ, Delhiite by birth, Wajiha possesses a keen interest in reading about startups, accumulating information and presenting the same to the audience impressively.
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