Paytm said it has raised fresh funds from a group of investors, including existing once like SoftBank’s Vision Fund and Alibaba’s Ant Financial on Monday.
The company has not officially disclosed details of the funding, but a source said the Indian company raised $1 billion in the latest round.
The company in its blog shared that in this new phase focus will lie on delivering ‘the vision of bringing new-age financial services such as lending, insurance, investments, stockbroking to the masses’.
Today, we open next chapter in Paytm’s journey of India’s financial inclusion. We commit to invest additional ₹10,000 crore to serve financially unserved / underserved.
Thank you for your guidance and support.
Dedicating it with my school time favorite Jai Shankar Prasad poem:
— Vijay Shekhar (@vijayshekhar) November 25, 2019
The market is expected to expand to $1 trillion by 2023, according to a report by NITI Aayog last year.
The company plans to invest Rs. 10,000 crores over the next three years to boost financial inclusivity to the masses.
Paytm said in a statement that accounts advised by T. Rowe Price Associates were among the new investors for the fund.