India’s largest homegrown fintech company, Paytm, yesterday (Nov. 25) added a whopping $1 billion to its corpus. This round marked the reaffirmed commitment of the firm’s largest investor, Softbank, and the new interest shown by T Rowe Price. The Noida-based digital transactions company now plans to pump money into its payments and financial services business to face stiffening competition.
“Eventually this business is of user acquisition despite mounting losses. This strategy will not stop,” said Yugal Joshi, vice-president at Texas-based consultancy Everest Group. “Therefore, a large part of this investment will still go down this route of expanding to newer locations and merchants.”
