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New Delhi based payments company Paytm is said to be in talks with Japan based Softbank to raise over $1bn in funding. If the deal is successful Paytm, who are also backed by Alibaba, will be valued at over $7bn.
The talks come at a time when SoftBank is working on a sale plan of e-commerce firm Snapdeal and is likely to make an announcement in the next few weeks. SoftBank is the largest shareholder in Snapdeal, which is locked in an intense battle with Amazon India and Flipkart. One of the sources said Paytm may buy Snapdeal-owned payments firm Freecharge as part of the transaction with SoftBank. The funding will also help Paytm accelerate expansion ahead of the launch of its payments bank service. The Alibaba-backed company already runs mobile wallet and e- commerce services.
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