\tSoftBank Vision Fund and Alipay-parent Ant Financial were among the high-profile backers to increase existing investments in mobile payments company Paytm during its latest funding round.<\/p>\n
India-based Paytm announced the cash boost in a statement, though did not disclose exact sums. In an interview with The Economic Times, the company’s founder Vijay Shekhar Sharma said it had raised a total of $1 billion.<\/p>\n
The cash will contribute to the company\u2019s previously stated goal [1] of increasing the scale and scope of its operation.<\/p>\n
In a statement Paytm said its next phase of growth would include expanding its \u201cconsumer internet\u201d offer and bring a range of advanced financial services to a wider audience. These include loans, insurance, share dealing and sale of investment products.<\/p>\n
Other initiatives targeted include providing content services including games, news and videos through its existing platforms.<\/p>\n
Sharma added the company was \u201ccommitted to bringing half a billion Indians to the mainstream economy by onboarding them in the formal financial ecosystem\u201d.<\/p>\n
As part of its efforts to increase its reach in financial underserved areas of India, the company is set to invest INR100 billion ($1.4 billion) over the next three years.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/paytm-sets-aside-36m-for-expansion-drive\/<\/p>\n","protected":false},"excerpt":{"rendered":"
SoftBank Vision Fund and Alipay-parent Ant Financial were among the high-profile backers to increase existing …<\/p>\n
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