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India based digital-payments and e-commerce startup Paytm is raising $300 million in a funding round led by Taiwan’s MediaTek Inc. The round more than doubles Paytm's valuation to $5 billion.
Paytm, which is based in Noida outside New Delhi, was founded by entrepreneur Vijay Shekhar Sharma and was first known as an e-commerce platform that competed with Flipkart Online Services Ltd. and Snapdeal, which are backed by global investors including Accel Partners, SoftBank and Russian billionaire Yuri Milner’s GST Global. One97 will now focus on services such as travel and movie ticketing, while the marketplace and the payments bank will focus on their businesses. With the latest funding, Sharma is diluting his 51 percent stake in Paytm Payments Bank to existing investors including Alibaba and Ant Financial, the person said.
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