The Indian startup and e-commerce markets have been booming like never before. The scenario is now more business friendly than it ever was, and this is helping a number of businesses boom. PayTM is the latest business to benefit in this booming environment. Markets are abuzz with news that the company will soon be getting a funding of $300 Million, which, in Indian currency, is worth Rs. 2000 Crore! This is indeed big news coming in, and it is expected to help take the company a major leap forward in the markets.
PayTM, which is backed by Alibaba, is expected to witness a major growth in their market share as well as market valuation as this round of funding closes. The funding is expected to come to them from existing business partners such as Alibaba and Alibaba owned Alipay, as well as Taiwan based MediaTek and Goldman Sachs.
If the news is to be believed, this funding will help take PayTM to the market valuation of $5 Billion (Rs. 33543 crores). It is anticipated that the company has already raised as much as $700 Million from Alibaba and Alipay. This $300 million funding, if proven to be true, will be the biggest ever funding made to an Indian startup this year.
Over the years, a number multi-million dollar deals have been taking place in the Indian markets. Names such as Flipkart, Snapdeal and Ola have managed to grab major investments, and continue to perform in the markets. However, in the past few months, it has been observed that the investors have been slowing down and have not been funding as generously as they used to, in the past.
With this fresh round of funding which is expected to see PayTM touch $300 million, the startup markets, which seemed to be stagnating in terms of funding, will get a fresh breath of air. It is expected that a majority of this funding would go towards PayTM’s payments bank operations. More details are expected to be announced over the next few days.