The company plans to invest INR 10,000 crore (approx $1.6 billion) over the next three to five years towards helping 500 million Indians join the mainstream economy. It also plans to expand its online and offline businesses in the country going forward. The company is poised to launch its Paytm Payments Bank on the 23th of May, after getting a green signal from RBI, which will provide quick and basic banking services.
From an inspiring meeting in Delhi to announcing large investment by @softbank today. Proud to partner @MasaSon in @Paytm journey ! #GoBig pic.twitter.com/ETc9jiQpy3
— Vijay Shekhar Sharma (@vijayshekhar) May 18, 2017
“In line with the Indian government’s vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments,” said Masayoshi Son, Group Chairman and CEO, SoftBank.
According to Paytm, this investment marks the largest round from a single investor in India. SoftBank will join its partner Alibaba, which already holds stakes in Paytm, as a major stakeholder on the board. As per several media reports the entry of SoftBank will help reduce the control of Alibaba which is currently Paytm’s largest shareholder.
What an honour to have my inspiration Masayoshi Son as partner in Paytm ! Welcome Softbank as key large… https://t.co/JYsfXDEafr
— Vijay Shekhar Sharma (@vijayshekhar) May 18, 2017
“We are at an inflection point in our journey with Paytm. This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team’s execution and vision. We believe we have a great opportunity to bring financial inclusion to half a billion Indians,” said Vijay Shekhar Sharma, Founder and CEO, Paytm.
