Paytm Raises $1.4 Billion from Japanese Telecom Giant SoftBank
Mobile payment and commerce platform Paytm, run by One97 Communication Ltd, has raised $1.4 billion funding by the Japanese internet and telecom major SoftBank Group.
Paytm plans to invest Rs 10,000 crore 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, the company said.
In line with the Indian government's vision to promote digital inclusion, Paytm is looking 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.
Paytm was launched in August 2010 as an online recharges and bill payments platform, and soon expanded into online and offline use cases. In January 2014, it launched the Paytm Wallet. It now has over 220 million users and has over five million offline merchants across India.