India's largest mobile payment and commerce platform Paytm has announced receiving of investment from Mountain Capital.
The fresh capital infusion will allow Paytm, the consumer brand of One97 Communications, to further accelerate and develop a vibrant mobile ecosystem in India encompassing payments, commerce and financial services.
The investment will be used for expansion and scaling up, boosting payments and commerce and building and launching the proposed Paytm Payments Bank.
"Our mission is to bring half a billion Indians to the mainstream economy and we are happy to have a long term partner in the mobile chipset world to join us. India is ripe for its financial services revolution and with the growing penetration of smartphones, we have an opportunity to give a new business model of payment, banking and financial services combined with online commerce," said Founder and CEO Paytm, Vijay Shekhar Sharma.
Paytm has an established and strong foothold in the offline payments and commerce space. It has become the most preferred choice of payments with retailers and the mobile wallet users.
The mobile wallet company has powered strong acceptance for digital payments at a host of partner destinations such as movie tickets, fuel stations, automobile booking and others.
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