Digital payments firm Paytm on Monday said it has raised $1 billion (around Rs 7,173 crore) in a fresh round of funding led by US-based asset management firm T Rowe Price.
Existing investors Alibaba and Softbank also participated in the funding round, according to a company statement.
The company plans to invest around $1.4 billion over the next three years to expand financial services.
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"Paytm to invest Rs 10,000 crore ($1.4 billion) over the next 3 years to bring financial inclusion to more under-served users in the country," it said.
Paytm CEO Vijay Shekhar Sharma reportedly said the fresh round of funding is of $1 billion led by T Rowe Price in which Chinese e-commerce major Alibaba's subsidiary Ant Financial pumped in $400 million and Softbank $200 million, taking the company's valuation at $16 billion.