Paytm raises $1.4Bn from Softbank !

Softbank is going hard in India and while the fund is pushing for Snapdeal, Flipkart merger – they have announced a massive $1.4Bn investment in Paytm.

“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. We are excited to partner with Paytm in this journey and will provide them with all our support,” said Masayoshi Son, chairman and chief executive officer, SoftBank Group.
Paytm will use the funding to drive growth for its Payments bank, which is launching on May 23rd.