India-based digital payment titan Paytm is reported to raise around $1.5 Billion to $2 Billion from its current investors SoftBank Vision Fund and Alibaba’s Ant Financial.
As per reports, the company may be valued between $16 Billion to $18 Billion after the funding series. Paytm is in talks with the other investors to take the funding round to $2 Billion.
The digital payment platform before this funding round has raised an undisclosed amount form Berkshire Hathaway, a US-based investment firm.
The Japanese-based technical conglomerate SoftBank invested in Paytm in 2017. It was the first time SoftBank invested in the company and raised total funding of $1.4 Billion.
SoftBank boasts a 19% stake in the company and Alibaba has 38% stake of PAytm’s parent company One97 Communications.
The round of investing in the company is crucial as the digital payment space is observing a head-to-head competition among the major portals like PhonePe and Google Pay.
Paytm has scaled around 221 Million transactions, while PhonePe and Google Pay has clocked on to 220 million transactions in January 2019.
Earlier in March, it was also stated that Unified Payments Interface (UPI) which is a government supported instant and real-time payment system had clocked in 674.19 Million transactions in February 2019.