This archive report was first published on 25 November 2019.
On November 25, 2019, Paytm, India's leading financial services firm, secured $1 billion in its series G funding, led by U.S. asset manager T Rowe Price.
The funding round saw participation from Ant Financials and SoftBank Vision Fund, who contributed $400 million and $200 million respectively.
Discovery Capital also took part in the funding, which aims to aid Paytm's expansion among small and medium-sized businesses, as well as expand its financial offerings such as lending and insurance.
Paytm plans to invest around $1.3 billion over the next three years to bring financial inclusion to underserved users in India.
According to Vijay Shekhar Sharma, Founder & CEO of Paytm, 'This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services. With this investment, Paytm hopes to bring low-cost mobile-enabled financial services to rural India.'
Paytm is an Indian e-commerce payment system and financial technology company based in Noida, India. Its mobile wallet enables users to transfer money, pay bills, buy tickets, and secure small loans.
