Paytm raises $660 million from Alipay, SVF, T Rowe Price
One 97 Communications Ltd, the parent firm of Paytm, has raised Rs 4,724 crore ($660 million) from Alipay Singapore E-commerce Private Ltd, SVF Panther (Cayman) Ltd, T Rowe Price Growth Stock Fund Inc, and others.
Alipay Singapore E-commerce invested Rs 1,433 crore while SVF Panther (Cayman) and T Rowe Price Growth Stock Fund invested Rs 1,430 and Rs 704 crore respectively, according to the company’s RoC filings.
In November, Paytm had raised $1 billion from a host of new and existing investors which helped increase its valuation from $15 billion to $16 billion.
Paytm will use fresh investments to expand its presence in the Indian market and acquisition of new customers and merchants in small towns.
One97 Communications reported losses totalling Rs 3,959.6 crore ($595.2 million) in the 2019 financial year which ended in March. This was a large year-on-year increase compared to losses of Rs 1,490 crore in the 2018 financial year. Revenue did rise however from Rs 3,229 crore in the 2018 financial year to Rs 3,319 crore in the 2019 financial year.
Paytm competes with companies such as Google Pay, Amazon Pay and Flipkart’s PhonePe in the digital payments market in India.
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