One97 is now valuated at about USD 5 billion, according to the company releases, Reuters reports. One97, which operates under the trade name PayTM, is looking to raise a total of USD 300 million to expand its payments and ecommerce businesses, and also to build a so-called payments bank for which it has won a permit.
The company is in talks with new as well as existing shareholders and expects to raise the remainder of the USD 300 million in the coming months, a spokeswoman said, the source cites. Alibaba Group is One97s largest shareholder after the Chinese ecommerce giant and its finance arm Ant Financial Services invested in 2015 in the Indian company founded by entrepreneur Vijay Shekhar Sharma.
MediaTek is also a shareholder in PayTMs competitor MobiKwik which has sealed an up to USD 40 million investment from Net1 UEPS Technologies Inc.
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