Skip to main content

Paytm announces latest funding round with SoftBank

Paytm announced an investment of $1.4 billion by the SoftBank Group, the Japanese Internet and telecom major, in One97 Communications Limited, the entity that operates India’s largest mobile payments and commerce platform under the Paytm brand. This investment will help Paytm grow its leadership in the country’s payment ecosystem, expand its user base and build a suite of financial services products for its users.

Paytm plans to invest Rs 10,000 crore (approximately $1.6bn) over the next three to five years towards its commitment to enabling half a billion Indians to join the mainstream economy. As a part of this vision, the company will soon launch 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.

Speaking on the occasion, Paytm Founder & CEO Vijay Shekhar Sharma said, “We are at an inflection point in our journey with Paytm. This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team's execution and vision.We believe we have a great opportunity to bring financial inclusion to half a billion Indians.”

Said Masayoshi Son, Chairman & CEO, SoftBank Group Corp., “In line with the Indian government's vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital ​access to a broad array of ​​financial services, including mobile payments. We are excited to partner with ​Paytm in this journey and will provide them with all our support.”

​Added Eric Jing, CEO - Ant Financial, “India has presented us with the world’s largest opportunity in terms of financial services and we are confident its market will grow exponentially over the next decade. We are proud to be Paytm's strategic partner and be a part of the great story as it emerges as the country’s biggest and fastest growing fintech company. We will continue to extend our tech know-how to support Paytm's growth in the country. And we welcome SoftBank to a great ride together to provide equal access to financial services in India."

Paytm’s zero cost QR Code-based payment solution has been adopted by millions of merchants and has become synonymous to digital payments in India. In addition, Paytm is India’s largest bill payment and recharge platform. There has also been a significant uptake in its movie ticketing, and travel booking (rail, bus and flight tickets) businesses. Paytm has recently collaborated with MMTC-PAMP to launch digital gold on its platform. The company continues to innovate in the offline payments space to enable digital transactions for consumers across multiple facets of everyday life.

Paytm is an Indian payments company based out of Delhi NCR, India.  Acronym for ‘Pay Through Mobile’, it was launched in August 2010 as an online recharges and bill payments platform and soon expanded into ubiquitous online and offline use-cases. In January 2014, it launched the Paytm Wallet, which has emerged as India’s biggest digital wallet with over 220 Mn users and is accepted as the preferred mode of payment by over 5 Mn offline merchants across India.

Popular posts from this blog

Radisson Blu Hotel, Dubai Improves Guest Wi-Fi Coverage and Performance with Aruba Wireless Solutions

Radisson Blu Hotel, in Al Sufouh at Dubai Media City has recently deployed wireless infrastructure from Aruba, a Hewlett Packard Enterprise Company, to deliver secure, seamless, high-speed, wireless internet connectivity across its hotel rooms, suites and public areas. The implementation has resulted in improvement in rating of Wi-Fi services and drastic reduction in volume of IT help desk calls, besides the fact that the design of the Access Points (APs) blends seamlessly with the hotel aesthetics and AP management, monitoring and troubleshooting has become centralized and simplified.

Amazon.in launches “Smart Living Store”

How would it be if you could stream online videos or browse websites on your TV? How about a device that could measure your level of activity throughout the day? How would it be if a device helps keep your home secure? With the Smart Living Store you can find out! Amazon.in announces the launch of “Smart Living Store” - a dedicated store aimed at providing customers the one stop shop for all smart devices across various product categories.

Pi DATACENTERS Achieves Uptime Institute Tier IV Design Certification

Pi DATACENTERS, India, an enterprise class datacenter and Cloud service provider based at Amaravati, the new capital region of Andhra Pradesh, today announced that the company has been awarded Uptime Institute Tier IV Design Certification, achieving the highest standards for infrastructure, functionality and capacity as demonstrated on the design documents. To earn a Tier Certification of Design Documents, a facility is evaluated on mechanical, electrical, structural and site elements, and certified facilities also receive expert recommendations to enhance Operational Stability over the long-term.
“We are pleased to award Pi DATACENTERS with the Uptime Institute Tier IV Design Certification,” said John Duffin, Managing Director, South Asia, Uptime Institute. “Achieving a Tier IV Fault Tolerant Design Certification illustrates that the facility meets the highest standards for infrastructure functionality and capacity as demonstrated on the design documents. This ensures that plans are…