This is the largest funding by an investor in a single round in an e-commerce company.
Company is aiming to cover over five lakh vehicles per day by end of the financial year.
New Delhi: Japan’s SoftBank Group will invest $1.4 billion in One97 Communications, which operates Paytm. This is the largest funding by an investor in a single round in an e-commerce company.
After this investment, SoftBank along with long-time investor Alibaba group will be a a major shareholder in the company and will take a seat on the Paytm board
SoftBank, an early investor in Alibaba, has committed investments of over $10 billion in India. While it has pumped in close to $2 billion into Indian startups in last few years, it has also written off a significant portion of that on account of loss in valuation.
Previously, Alibaba and its payments affiliate Ant Financial held a 40 per cent stake in One97 before this investment.
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