Indian digital payments company Paytm said on Monday that it had raised new funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial.
Paytm has not officially revealed the funding details, but a source said the Indian company raised $ 1 billion in the latest round.
The accounts advised by Rowe Price Associates were among the fund’s new investors, Paytm said in a statement.
The Financial Daily Economic Times quoted Paytm chief executive Vijay Shekhar Sharma as saying that the round would take the company’s valuation to $ 16 billion.
Paytm said the company will expand in insurance, lending and investment and invest 100 billion ($ 1.39 billion) over the next three years to engage more users in the country.