Online payments service and shopping site Paytm is planning to raise $300-350 million from investors, ‘Business Standard’ has reported. This will see Paytm’s current valuation of $2.2 billion more than doubling to $5 billion.
According a report in ‘Times of India’, Taiwan’s Mediatek Goldman Sachs and Temasek are expected to lead a $300 million fund infusion into the company owned by Noida-based One 97 Communications. The company’s former investors Alibaba Group and SAIF Partners are also expected to join the funding round.
Foxconn, Singapore’s GIC and Temasek, Chinese international conglomerate and investment company Fosun, Taiwanese electronics, are also likely to participate in the latest funding round, the report said.
The latest funding round will be used to finance the company’s e-commerce, online payment solutions and the yet-to-be launched payments bank.
The deal is expected to be finalised within the next two months but Paytm founder Vijay Shekhar Sharma has refused to comment on the matter so far.