MUMBAI (Reuters) - Paytm said on Thursday it has raised $1.4 billion from Japan's SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia's third-largest economy.
SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications, according to a statement from the Indian digital payments provider.
China's Alibaba, which counts SoftBank as its biggest investor, already holds a stake in Paytm.
(Reporting by Sankalp Phartiyal; Editing by Rafael Nam)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)