Paytm raises $1 billion in latest funding round

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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.

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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’.

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.

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