Business, Investments

Paytm Plans to Raise USD 350M from Asian Private Equity Firms

Paytm, a mobile commerce company, is in talks with Asian private equity firms to raise around USD 350 million, reports Economic Times. The new funds will be used for technology development, logistics expansion and to build mobile operations. The deal is expected to be closed by the end of this year.

Also, the company plans to develop a platform for aggregating courier companies to ensure deliveries to all 36,000 pin code zones in India. At present, only 5,000-7,000 pin code areas in the country are covered by ecommerce retailers.

It also wants to have a larger catalogue for users, with same-day delivery in metros and top cities. The company is raising its head count by 1,000 this year to 1,400 and aims to expand its operations in Delhi and Bangalore.

Launched about a year ago and achieved 10 million orders in July including mobile recharges, tickets and shopping deals. The company managed 10 million mobile wallet users with in six month of launch. “This is the largest number of wallets on any system across mobile phone and Internet and Paytm owns major share of mobile wallet users in the country,”  said Vijay Shekhar Sharma, Chairman and Managing Director of Paytm owner One97 Communications.

“We also plan to launch a person-to-person money transfer app within the next few weeks,” he added.

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