Former UK PM David Cameron may invest in PayTM
NEW DELHI: Digital payments major PayTM is looking at raising another round of funding of USD 1 billion, and is in discussion with multiple investors, including former UK Prime Minister David Cameron, according to sources.
Sources close to the development said the discussions are on and might take a few weeks to get finalised. They added that the funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
PayTM declined to comment, while a response from Cameron could not be elicited immediately. PayTMhad earlier this week announced a USD 1 billion (around Rs 7,173 crore) fundraise led by US-based asset management firm T Rowe Price.
With so inspiring and savvy @David_Cameron in Singapore !
— Vijay Shekhar (@vijayshekhar) November 28, 2019
Thanks Sir for your lesson on giving back to society and creating social impact with business. pic.twitter.com/dtHsVeenKj
Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round. Interestingly, PayTM founder and Chief Executive Officer Vijay Shekhar Sharma tweeted a photograph of him and Cameron on Thursday.
On Monday, PayTM had said it is planning to invest around USD 1. 4 billion over the next three years to expand financial services. Reports earlier this year had stated that PayTM, which is facing mounting losses, was looking at raising up to USD 2 billion in funding.
The company has said it will look at a public listing only after 2021. PayTM had raised USD 300 million from Warren Buffett's Berkshire Hathaway in September last year.
One97 Communications Ltd (OCL), the parent company of PayTM, had posted a loss of Rs 3,959.6 crore in 2018-19 as against Rs 1,490 crore a year ago, and its standalone revenue rose marginally to Rs 3,319 crore from Rs 3,229 crore in 2017-18, as per reports.