India’s Paytm Secures $1 Billion Investment From SoftBank, Ant Financial

2019 11 26paytm

That’s the headline on my newest story, out yesterday. It begins:

NEW DELHI—The parent company of popular Indian mobile-payments startup Paytm said it has secured $1 billion in fresh funds from Japan’s SoftBank Group Corp. and China’s Ant Financial Services Group, giving it more firepower in a fast-growing but crowded market.

The investment values the parent company, One97 Communications Ltd., at $16 billion, according to a person familiar with the matter, making it one of Asia’s most valuable startups.

The Noida, India-based company makes a smartphone app that allows users to pay for goods and services such as groceries, auto rickshaw rides, movie tickets and electricity bills. It also has an e-commerce platform and offers financial products such as mutual funds and savings accounts.

The investment is a “reaffirmation of our commitment” to provide “new age financial services,” founder and Chief Executive Vijay Shekhar Sharma said in a statement Monday in India.

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Published by Newley

Hi. I'm Newley Purnell. I cover technology and business for The Wall Street Journal. I use this site to share my stories and often blog about the books I'm reading, tech trends, sports, travel, and our dog Ginger. For updates, get my weekly email newsletter.

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