New Delhi based mobile bank Paytm has raised $9.3m in new venture funding led by Vijay Shekhar Sharma. Payments Banks are a new set of differentiated banks introduced by the Reserve Bank of India with the aim of extending deposit and payments services to millions of unbanked and underbanked Indians.
As per a regulatory filing, the firm received the board’s approval on July 25, 2017. The document read, “The consent of the board is hereby accorded to issue on a right basis, 60 Mn equity shares of the company of the face value of INR 10 to the investor.” Sharma has infused $4.6 Mn (INR 30 Cr) in Paytm Payments Bank, while One97 Communications has contributed around $3.5 Mn (INR 23 Cr). According to the company’s RoC filings, the remaining $1.09 Mn (INR 7 Cr) has come from One97 Communications India, a wholly-owned subsidiary of One97.