Paytm seeks up to $100 million in funding from Microsoft: Report
Paytm had in November last year raised $1 billion in an investment round led by T Rowe Price.
April 27, 2020 / 03:46 PM IST
Financial technology company Paytm is in talks with software giant Microsoft for a fundraising that may amount to around $100 million (Rs 760 crore), The Economic Times reported.
The financing is expected to be an extension of the $1 billion (Rs 7,600 crore) capital raising round that Paytm had initiated last year, the report said.
The investment is aimed at helping Paytm build a war chest to fend off competitors such as Google Pay and PhonePe.
Moneycontrol could not independently verify the story.
"At this moment, we do not have any comments on your proposed story," the report quotes a Microsoft spokesperson as saying.
Paytm had in November last year raised $1 billion in an investment round led by T Rowe Price. The financing round also saw participation from existing investors Alibaba's Ant Financial and SoftBank's Vision Fund.
"The talks with Microsoft began last year when Paytm was in the middle of raising funds. While Microsoft could not participate in the funding then, it is likely to pump in cash now," a source told the publication. The funding valued Paytm at around $16 billion.
Paytm has so far received only $720 million of the capital raised, the report said citing regulatory filings.
China-based Ant Financial will need government approval to inject further capital into Paytm after India tightened foreign direct investment (FDI) norms from neighbouring countries.