Paytm, an India-based mobile wallet and e-commerce company, has raised $1.4bn from Japanese internet and telecom conglomerate SoftBank in the latest round of funding.
SoftBank is expected to purchase nearly $400m worth of shares from Paytm’s early investor SAIF Partners in a secondary transaction. The bank will also purchase a minority share from founder Vijay Shekhar Sharma.
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With this investment, SoftBank will own nearly a fifth of the mobile payment company, which is estimated to be worth $7bn.
SoftBank chairman Masayoshi Son said: “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.”
The company is slated to launch its payment bank operation on 23 May. It received regulatory approval from the Reserve Bank of India (RBI) to set up the bank in January 2017.
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