Indian digital-payments and e-commerce startup Paytm is raising $300 million in a funding round led by Taiwan’s MediaTek Inc. and other investors, more than doubling its valuation to $5 billion, a person with knowledge of the matter said.
Paytm is India’s largest mobile commerce platform. Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. They have over 100mn registered users. In a short span of time Paytm has scaled to more than 60 Million orders per month. Paytm is the consumer brand of India’s leading mobile internet company One97 Communications. One97 investors include Ant Financial (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.
Bloomberg (29 aug)
