Paytm said it has raised $1 billion in a new financing round as the Noida-headquartered firm, which once dominated the local mobile payments market, attempts to fight back giants Google, Walmart’s PhonePe, and Facebook.
The company said the new financing round, dubbed Series G, was led by U.S. asset manager T. Rowe Price. Existing investors Ant Financials (contributed $400 million), SoftBank Vision Fund (contributed $200 million), and Discovery Capital also participated in the round, which valued the company at about $16 billion — higher than any other local startup and some of the high-profile Asian startups such as Grab and Gojek.
Paytm mobile wallet enables users to transfer money to each other, pay for food delivery and clear utility bills, buy train and movie tickets as well as secure small loans. One97 Communications, which operates Paytm, has raised more than $3.3 billion to date.