Digital payments and commerce platform Paytm is growing its coffers. In January this year, there was a news of it raising $575 million from Ant Financial Services and Temasek Holdings. Up till date only $200 million had been infused, the rest was subjected to the company’s performance. Scaling along the same lines, it has now received board’s approval to raise an additional $375 million from the affiliate of Alibaba Group, that will value the firm at $1.83 billion.
Livemint reports that the company is likely to receive the money with in next six months, and the deal will increase Alibaba unit Ant Financial Services’ stake in the company to 41%.
Ant Financial Services’ $200 million investment in Paytm came in two tranches of $65 million and $135 million against a stake of 25.88%. The most recent tranche of $135 million funding came by the end of April and earlier than this it had also received a funding from Ratan Tata in March this year.
Paytm has crossed over 60 million wallets on its platform and aims to reach over 100 million by the year end. It recently opened up a Taobao styled marketplace for Indian sellers, and is also working closely with Alibaba to get some of the small and medium sellers from China to list in India on Paytm’s platform. The company stands among the most valuable Internet companies in India, and with Alibaba’s affiliate holding a 41% stake it is likely that the Chinese firm will find even wider doors opening up for its entry into India.