NEW DELHI, Nov. 25 (Xinhua) -- Indian digital payments company Paytm on Monday said it has raised fresh funding from a group of investors.
"We are today announcing our latest equity fundraise from a group of investors, including existing shareholders such as Ant Financial, Softbank Vision Fund, and new investors including funds and accounts advised by T Rowe Price Associates, Inc. among others. Discovery Capital, an existing shareholder of the company has also participated in the round," Paytm said in a statement.
Though the company did not officially disclose the amount of funding it has received, reports quoting company sources said it has raised 1 billion U. S. dollars.
The company, however, said it would invest over 1.39 billion U.S. dollars in the next three years.
"Today, we open the next chapter in Paytm's journey of India's financial inclusion. We commit to invest additional INR 10,000 crore (1.39 billion USD) to serve financially unserved/ underserved," Vijay Shekhar Sharma, Paytm founder and chief executive officer, wrote on twitter.
The fresh funding has pushed Paytm's valuation to 16 billion U.S. dollars, from the 15 billion U.S. dollars it was valued at in August when some of its employees cashed out their shares in a secondary sale to unnamed New York-based investors.
Paytm said it will expand into insurance, lending, stockbroking and investments and invest 1.39 billion U.S. dollars over the next three years to bring in more users to its services.
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