GURGAON: Mobile payments company, Paytm said that Mountain Capital is planning to investment in the company, in a statement today, as per Mint reports.
The company will further plan to use the capital for expansion and scaling up, enhance payments and commerce and building and setting up Payments Bank. The company however did not disclose the capital planning to raise from Mountain Capital.
According to sources and reports by Mint, Founder & CEO at Paytm – Vijay Shekhar Sharma said.“MediaTek’s endorsement on Paytm through Mountain Capital further demonstrates its confidence in the proliferation of India’s digital payments and mobile Internet ecosystem.”
“For Paytm, our mission is to bring half a billion Indians to the mainstream economy. 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,” Sharma added, as per ET reports.
The company kick-started as a mobile recharge site and utility bill payment platform in 2010. Being a consumer brand of India’s leading mobile internet company ONE97 Communications, PayTm expanded its offerings with wallet payment and wallet to wallet and wallet to bank transfers for many leading internet based companies like Bookmyshow, Makemytrip, FoodPanda, IRCTC among others.