Inc42 reported on Monday (Aug. 29) that the India-based firm, recently valued at about $2.3 billion, is set to raise $300 million from backers at Goldman Sachs, semiconductor firm MediaTek and others.
Existing backers Alibaba, Alipay and SAIF Partners would also participate in the funding round, reports said. These previous backers funded the company’s $500 million round in Jan. 2015.
Two unnamed sources told the outlet that Paytm would use the funding across all of its businesses. The mobile payments firm now offers an eCommerce platform and small business lending services.
The latter is its most recent venture, having announced last July that it would begin lending to its small business clients as part of an effort to expand into a digital bank.
Paytm is run by parent company One97 Communications. Reports earlier this month said One97 is readying to launch a new company, Paytm E-Commerce Pvt. Ltd., which would take on all of the eCommerce operations currently under Paytm. That restructuring would allow the new company to raise funds just for its eCommerce operations, reports said, and would likely serve as Alibaba’s entryway into India, with the company planning to launch a B2B commerce site in India within the year.
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