Paytm Finally Announces Much Awaited Funding from SoftBank of $1.4B
Softbank CEO – “In line with the Indian government's vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants”
Photo Credit : Twitter/@VSS,
And now SoftBank joins long-time partner Alibaba Group as a major shareholder and will take a seat on the Paytm board. After much anticipation, Paytm has announced an investment of 1.4 billion dollars today by the SoftBank Group, the Japanese Internet and telecom major, in One97 Communications Limited, the entity that operates India’s largest mobile payments and commerce platform under the Paytm brand. This investment will help Paytm grow its leadership in the country’s payment ecosystem, expand its user base and build a suite of financial services products for its users.
Paytm plans to invest rupees 10,000 crore (approximately 1.6 billion dollars) over the next three to five years towards its commitment to enabling half a billion Indians to join the mainstream economy. As a part of this vision, the company will soon launch (May 23) the Paytm Payments Bank, a mobile-first product that will reach every corner of the nation, and focus on the millions of unserved and under-served Indians.
Paytm Founder and CEO Vijay Shekhar Sharma said, “We are at an inflection point in our journey with Paytm. This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team's execution and vision. We believe we have a great opportunity to bring financial inclusion to half a billion Indians.”
Masayoshi Son, chairman and CEO of SoftBank Group Corp said, “In line with the Indian government's vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments. We are excited to partner with Paytm in this journey and will provide them with all our support.”
Eric Jing, CEO of Ant Financial said, “India has presented us with the world’s largest opportunity in terms of financial services and we are confident its market will grow exponentially over the next decade. We are proud to be Paytm's strategic partner and be a part of the great story as it emerges as the country’s biggest and fastest growing fintech company. We will continue to extend our tech know-how to support Paytm's growth in the country. And we welcome SoftBank to a great ride together to provide equal access to financial services in India."
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