Sábado, 27 May, 2017

Paytm raises United States dollars 1.4 billion from Softbank Group Corp

Japan's SoftBank invests US$1.4bil in Paytm Softbank Invests $1.4 Bn In Paytm At $7 Bn Valuation
Malita Javier | 20 May, 2017, 03:31

Japanese conglomerate SoftBank has pumped $1.4 billion (over Rs 9,079 crore) into One97 Communications Ltd, an entity that operates the mobile payments and e-commerce platform under the Paytm brand. Livemint, citing anonymous sources associated with the deal, has reported that SoftBank has taken a stake of about 20% in Paytm with the investment.

However, the largest ecommerce platform in India, Paytm, plans to invest Rs. 10,000 crore (approximately United States dollars 1.6bn) over the next three to five years towards enabling half a billion Indians to join the mainstream economy. Having reaped unprecedented gains after the government's demonetization drive previous year, Paytm is now the second most valued domestic startup after Flipkart which saw its valuation drop from $15.2 billion to $11.6 billion post its latest round.

TOI had reported in its April 19 edition that SoftBank was in talks with Paytm for an investment topping $ 1 billion.

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Commenting on the development, Paytm Founder and CEO Vijay Shekhar Sharma said they the company is at an inflexion point in its journey.

SoftBank's wager on Paytm comes at a time when it is consolidating its India bets and putting its weight behind category leaders in the cash-guzzling consumer internet sector. Vijay Shekhar Sharma is the founder of Paytm.

Payment banks are seen as a growing opportunity in a country with plenty of smartphones but with millions of Indians who lack formal access to banking services. There has also been a significant uptake in its movie ticketing, and travel booking (rail, bus and flight tickets) businesses.

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Paytm will launch its Payments Bank Operation from May 23. That increased to $6bn in March 2016 when Alibaba Group and Ant Financial Services Group bought a combined stake of almost 4.3% from three Paytm investors Reliance Capital, SVB and SAP Ventures.

The company has also allocated $100 million in investment for its Quick Response (QR) code based payments solution.

The company said that it would introduce the Paytm Payments Bank, a mobile-first product that will reach every corner of the nation, and focus on the millions of unserved and under-served Indians.

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One97 Communications had raised $60 million in August previous year from Taiwan's Mediatek at a valuation of around $4.8 billion. Its present investors include Ant Financial (Alipay), Alibaba Group, SAIF Partners and Mediatek.

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