Paytm in talks to raise over $1 b funding from SoftBank

Paytm in talks  to raise over $1 b funding from SoftBank

Fintech company Paytm is believed to be in discussions with Japanese conglomerate SoftBank to raise over $1 billion.

The deal, if successful, will value the Alibaba-backed Paytm at over $7 billion from the current $5 billion, multiple sources said.

When contacted, Paytm and SoftBank declined to comment. Interestingly, SoftBank was an early investor in Alibaba.

The talks come at a time when SoftBank is working on a sale plan of ecommerce firm Snapdeal and is likely to make an announcement in the next few weeks.

SoftBank is the largest shareholder in Snapdeal, which is locked in an intense battle with Amazon India and Flipkart.

One of the sources said Paytm may buy Snapdeal-owned payments firm Freecharge as part of the transaction with SoftBank.

The funding will also help Paytm accelerate expansion ahead of the launch of its payments bank service. The Alibaba-backed company already runs mobile wallet and ecommerce services.

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