One97 Communications raises over $660 mn from Alipay

One97 Communications, the parent company of Paytm, has raised over USD 660 million (around Rs 4,724 crore) from investors, including Alibaba's Alipay and funds managed by T Rowe Price, as per regulatory documents.

The board of One97 Communications has approved allotment of shares worth over USD 660 million to the investors, the document sourced by business intelligence platform Tofler showed.

SoftBank's SVF Panther (Cayman), among others has also invested in the company.

"The consent of the board be and is hereby accorded for the allotment of the subscription shares...equivalent of USD 254.58 per equity shares to the investors for an aggregate consideration of Rs 47,24,42,17,500.13 (equivalent of USD 660,000,383.64)...," it said.

The resolution was passed by the board through circulation on December 6, 2019, it added.

E-mails sent to Paytm did not elicit a response.

In November, Paytm had said it has raised over Rs 7,000 crore in funding from US-based asset management firm T Rowe Price and existing investors SoftBank and Alibaba to fund expansion plans.

It had also said it plans to invest around Rs 10,000 crore over the next three years to expand financial services.