GURGAON: Mobile Payments and commerce platform, PayTm has raised $60 million (close to Rs. 400 crore) form Mediatek, Taiwanese chip designer firm.
As per ET reports, a Paytm spokesperson confirmed the development.
According to sources and reports by ET, the spokesperson of PayTm informed that the fresh capital will be used to enhance their payments and commerce businesses and for setting up the payments bank.
What is more surprising is that Mediatek has also invested in Mobikwik, a rival company of PayTm.
PayTm is also looking forward to raise $300 million in its fresh rounds of funding.
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.