Paytm raises $1.4 billion from SoftBank

By

Maverick Martins

Published
May 19, 2017

Paytm said on Thursday it has raised $1.4 billion from Japan's SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia's third-largest economy.

SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications, according to a statement from the Indian digital payments provider.

"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 Sharma in a statement.

"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," said Masayoshi Son, Chairman & CEO, SoftBank Group Corp

China's Alibaba, which counts SoftBank as its biggest investor, already holds a stake in Paytm.