New Delhi: Indian startup Paytm's value is expected to soar a staggering $300-350 million or about Rs 2000 crore after global financial services giants Goldman Sachs, Temasek and MediaTek were roped in to invest in payments bank soon to be launched by Paytm.
The new funding will reportedly increase the value of the Indian startup to $5 billion. This is a surprising financial climb in 18 months when the company was valued at $2.3 billion and when other startups are experiencing valuation mark downs.
Paytm will also use the funds to support the new planned parents bank as CEO Vijay Shekhar Sharma expressed optimism about the launching of payments bank in August 2016.
Paytm is an Indian e-commerce website headquartered in Noida, India. It was launched in 2010 and adds to the industry of FinTech in India. It is owned by One97 Communications. The firm started by offering mobile recharging, adding bill payment and e-commerce, with products similar to businesses such as Flipkart, Amazon.com, Snapdeal.