Digital payments firm Paytm on Monday said it has raised USD 1 billion (around Rs 7,173 crore) in fresh round of funding led by US-based asset management firm T Rowe Price.
Existing investors Alibaba and Softbank also participated in the funding round, according to a company statement.
The company plans to invest around USD 1.4 billion over the next three years to expand financial services.
"Paytm to invest Rs 10,000 crore (USD 1.4 billion) over the next 3 years to bring financial inclusion to more underserved users in the country," it said.
Paytm CEO Vijay Shekhar Sharma reportedly said the fresh round of funding is of USD 1 billion led by T Rowe Price in which Chinese e-commerce major Alibaba's subsidiary Ant Financial pumped in USD 400 million and Softbank USD 200 million, taking the company's valuation at USD 16 billion.
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