Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
June 26, Monday 2017 12:24 PM       

       HEADLINES: Handwriting is not that of Pulsar Suni’s, Dilip’s statement to be recorded                                              Kodiyeri comes down heavily on Modi                                              Woman tied to tree and assaulted, an insult to state, says Chennithala                                              Telephonic conversation between Dilip’s manager and Vishnu exposed                                              Unexpected hurricane at Kundamkulam                                              Five more TN fishermen arrested by Sri Lankan Navy                                              Modi greets nation on Eid, says diversity is India's strength                                              Sushma attacks Meira Kumar for interrupting her in 2013 LS speech                                              123 killed, 100 injured as oil tanker explodes in Pak                                              Malaysia-bound AirAsia flight ‘shaking like washing machine’ returns to Aus                                              Shiv Kapur makes cut, but slips to T-42nd in Germany                                              Super Srikanth lifts Australian Open Super Series                                              BAI announces Rs 5 lakh for Srikanth                                              Kaumudi Facebook
       BUSINESS Next Article: Sensex dives 224 pts, Nifty cracks below 9500  
       Paytm raises $1.4 bn funding from SoftBank
 
         Posted on :17:42:33 May 18, 2017
   
A A
       Last edited on:17:42:33 May 18, 2017
         Tags: Paytm raises $1.4 bn funding, SoftBank
 

NEW DELHI:Japanese conglomerate SoftBank has pumped in USD 1.4 billion (over Rs. 9,079 crore) in Indian digital payments platform, Paytm.

The funding will help Paytm -- operated by One97 Communications -- expand its soon-to-be launched payments bank operations as well as grow its user base and introduce more financial products for consumers.

"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," SoftBank Group Chairman and CEO Masayoshi Son said.

SoftBank, which was an early investor in Alibaba, has committed investments of over USD 10 billion in India. While it has pumped in close to USD 2 billion into Indian startups like Snapdeal, Ola and Housing.com in last few years, it has also written off a significant portion of that on account of loss in valuation.

The investment comes at a time when SoftBank is working on a sale plan of e-commerce firm Snapdeal. SoftBank is the largest shareholder in Snapdeal, which is locked in an intense battle with Amazon India and Flipkart.

Paytm has been one of the prominent beneficiaries of the government's move last November to scrap high denomination notes. It has seen manifold growth in transactions on its platform as well as expansion in number of users.

Paytm founder and CEO Vijay Shekhar Sharma said: "This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team's execution and vision."

The company plans to invest Rs. 10,000 crore over the next three to five years to enable half a billion Indians to join the mainstream economy, Paytm said in a joint statement.

Paytm offers mobile wallet (over 220 million users) and e-commerce services and will launch its payments bank operations from May 23. It had raised USD 60 million from Taiwanese chip maker MediaTek last year.

A A
       BUSINESS
Next Article: Sensex dives 224 pts, Nifty cracks below 9500
 
 
BUSINESS HEADLINES
Rupee halts 3-day slide v/s USD; up 7 paise at 64.52  
Spice GST Suvidha provider is all geared up for July 1st  
Sensex tumbles 153 pts on profit-booking  
Sensex hits all-time high of 31,522  
RBI to keep rates unaltered in near term: D&B  
Sensex surrenders record gains on GST blues, mixed global cues  
GST to be rolled at midnight June 30: Jaitley  
India plans SAARC meet for startups: Nirmala  
Rupee gains 11 paise against dollar, stocks play anchor  
"Rs 700 cr worth of Momentum Jharkhand proposals implemented"  
JK govt to seek complete consensus before GST implementation  
Mobile data consumption rose 142% in last 3 yrs: Kant  
Gold loses sheen on weak global cues, muted demand  
Rupee opens lower by 15 paise against dollar  
Nifty ends below 9,600 post Fed rate hike  
Paytm, 1mg offer discounts ahead of GST  
Customers may get Rs 5,000 if int'l SIM card fails  
Sensex closes higher, Nifty advances as inflation cools  
RBI issues new Rs.500 bank notes with inset letter 'A'  
Govt close to resolution on stressed power projects: Goyal  
Inflation at record low of 2.18%; factory output slows to 3.1%  
Cut down on salads to save costs: AI staff  
GST: Lowers tax for 66 items, price of coir and cashew to go down  
GST Council revises rates for cinema tickets  
GoAir to launch additional flight on Delhi-Patna route  
 
Actress case: Do you think Pulsar Suni's letter is part of a conspiracy?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy