India : Paytm parent One97 says MediaTek to invest $60 million
Tue Aug 30 2016
Live Index (1452 articles)

India : Paytm parent One97 says MediaTek to invest $60 million

MUMBAI Taiwan’s largest chip designer MediaTek Inc is investing $ 60 million in India’s One97 Communications, valuing the payment services and e-commerce firm at about $ 5 billion, the company said on Tuesday.

One97, which operates under the trade name Paytm, is looking to raise a total of $ 300 million to expand its payments and e-commerce 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 $ 300 million in the coming months, a spokeswoman said.

Alibaba Group is One97’s largest shareholder after the Chinese e-commerce giant and its finance arm Ant Financial Services invested last year in the company founded by entrepreneur Vijay Shekhar Sharma.

MediaTek is also a shareholder in Paytm’s competitor MobiKwik which last week sealed an up to $ 40 million investment from Net1 UEPS Technologies Inc.

Live Index

Live Index


Rules of Discussion on Live Index

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.