After raising $200 million from Alibaba Group’s finance arm, Ant Financial, now Indian web and mobile platform for prepaid recharges and postpaid bill payments, Paytm has raised a funding from Ratan Tata, the amount of which has not been disclosed.
Tata is picking a small stake in One97 Communications, which owns and operates Paytm, and will take on the role of an adviser at the Delhi-based firm.
One97 was launched in 2000, it provides mobile content, advertising and commerce services. It is backed by investors like SAIF Partners, Intel Capital, SAP Ventures and Silicon Valley Bank.
The firm has recently acquired Bangalore based Plustxt Mobile Solutions along with the launch of a new app for online bus ticketing on Paytm Android and iOS app. Also, it invests in early stage mobile companies out of its own initiative, One97 Mobility Fund (OMF).Category Ecommerce Investments