Paytm’s owner to raise over Rs 12,000 crore from SoftBank; single largest funding round so far in the industry
Apr 28, 2017, 13:44 IST
Paytm’s owner One97 Communications is going to raise more than $1.9 billion, or Rs 12,000 crore from SoftBank.
This deal is seen as the single-largest round of funding for an Indian e-commerce company.
After the deal, valuation of One97 Communications will touch $9 billion and provide a 20% stake to SoftBank.
"The deal was agreed on earlier this week and is now waiting for board approval,” one of the persons familiar with the transaction told ET.
In the last round, Paytm had raised funding from MediaTek, which happened nearly eight months back. That time, its valuation was at $4.8 billion.
SoftBank has raked in around $2 billion in various Indian companies such as Snapdeal, Ola, OYO, and Grofers.
Meanwhile, Paytm is building its coffers to compete with WhatsApp and Flipkart's Phonep.
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This deal is seen as the single-largest round of funding for an Indian e-commerce company.
After the deal, valuation of One97 Communications will touch $9 billion and provide a 20% stake to SoftBank.
"The deal was agreed on earlier this week and is now waiting for board approval,” one of the persons familiar with the transaction told ET.
In the last round, Paytm had raised funding from MediaTek, which happened nearly eight months back. That time, its valuation was at $4.8 billion.
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Meanwhile, Paytm is building its coffers to compete with WhatsApp and Flipkart's Phonep.