Home World Business Paytm parent One97 set to raise over $1.8 billion from SoftBank: report

Paytm parent One97 set to raise over $1.8 billion from SoftBank: report

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The deal will value Noida-based One97 at about $9 billion and provide a 20% stake to SoftBank

Reuters  April 28, 2017 Last Updated at 12:42 IST

Communications, owner of electronics payments provider Paytm, is set to raise more than 120 billion rupees ($1.87 billion) from Japan’s <9984.T>, the Economic Times reported on Friday citing sources.

The deal will value Noida-based at about $9 billion and provide a 20 per cent stake to SoftBank, the report said. 

Moreover, plans to earmark nearly $1 billion to expand its payments business into high growth areas like lending and insurance, the report added.

declined to comment. was not immediately reachable for comment.

Digital payments have assumed great significance in India after the decision of Prime Minister Narendra Modi’s government ban on old high-valued bank notes in November led to a severe cash crunch across the country.

Paytm parent One97 set to raise over $1.8 billion from SoftBank: report

The deal will value Noida-based One97 at about $9 billion and provide a 20% stake to SoftBank

REUTERS – One97 Communications, owner of electronics payments provider Paytm, is set to raise more than 120 billion rupees ($1.87 billion) from Japan’s SoftBank Group <9984.T>, the Economic Times reported on Friday citing sources.

Communications, owner of electronics payments provider Paytm, is set to raise more than 120 billion rupees ($1.87 billion) from Japan’s <9984.T>, the Economic Times reported on Friday citing sources.

The deal will value Noida-based at about $9 billion and provide a 20 per cent stake to SoftBank, the report said. 

Moreover, plans to earmark nearly $1 billion to expand its payments business into high growth areas like lending and insurance, the report added.

declined to comment. was not immediately reachable for comment.

Digital payments have assumed great significance in India after the decision of Prime Minister Narendra Modi’s government ban on old high-valued bank notes in November led to a severe cash crunch across the country.

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Reuters

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