On Monday, Paytm said that they have raised $1 billion in the new financing round being the Noida-headquartered firm. Noida was once the most dominating local mobile payment market that attempts to fight against the giant Walmart, Facebook and Google. The company said that the newer financing round named dubbed Series G, first was led by the United States asset manager named T Rowe Price. The donations of the existing investors such as the Ant Financials which donated $400 million, SoftBank Vision Fund which donated $200 million as well as the Discovery Capital that contributed $16 million, were higher than any local startup firms across the entire Asia.
The Founder and Chief Executive named Vijay Shekhar Sharma said that the company would utilize the fresh capital to the court merchants since the company looked to grow the presence among every kind of businesses. He added that the company also would work on developing the financial offerings like insurance and lending. The Paytm also offers the mobile wallet service in Japan and has amassed around 15 million merchants and most of them have appeared from the online in India. He also said that the new investment by their new and current investors was a reaffirmation of their commitment to serve the Indians with the modern financial services.
Paytm mobile wallet has now enabled the users to transfer their money to each other, clear their bills, pay for the food deliveries, for small loans and even to buy tickets. The big buck comes since India has turned into newer payments battleground for the major global giants like Facebook, Walmart and Google.