August 30, 2016
Paytm, a mobile/online payments provider and e-commerce company based in India, is in the final stages of raising $300 million in new funding from Taiwanese chip maker MediaTek and investment companies Goldman Sachs and Temasek, according to multiple published reports. The new funding would establish a valuation of $5 billion. Paytm said its mobile wallet has 135 million users. The trio joins Alibaba Group, which last year invested more than $500 million in the company.
Paytm started in 2010 as a way to recharge mobile minutes and quickly added bill payment and an e-commerce marketplace. It launched the wallet in 2014, which grew to become one of the most popular online payment methods in India. Recently, One97, Paytm’s corporate parent, spun off the e-commerce business, which is expected to figure significantly in Alibaba’s expansion into the country.