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Taiwanese semiconductor manufacturer MediaTek is investing $60 million (Rs 400 crore) in Paytm, reports the ET Telecom. The report mentions that this deal was ratified by Paytm’s board yesterday. Overall the company is looking to raise $300 million (Rs 2000 crore), the rest of which is expected to be raised through Alibaba and SAIF Partners. We have written to Vijay Shekhar Sharma and are awaiting a response and will update the story once we hear back.

The funding more than doubles Paytm’s valuation to $4.8 billion. The company will use the funding across verticals, including for its payments bank. Paytm had previously raised an undisclosed amount in funding from Alibaba and Ant Financial in September last year. In February the same year, Ant Financial Services acquired 25% stake in One97 Communications for an undisclosed amount.

Funds for payments bank: Up to $50 million of the current funding round will be used to help founder Vijay Shekhar Sharma finance his part in the payments bank, according to the report. Sharma was awarded a license to setup a payments bank in August last year, and is required to own 51% stake in the entity. The launch of Paytm’s payments bank has been pushed back many times but it is likely to be launched this Diwali.

Interestingly, Paytm had borrowed close to Rs 300 crore from private sector lender ICICI Bank in working capital loans in March this year. At the time, Paytm CEO Vijay Shekhar Sharma said that this was for treasury management and that the company was adequately funded. In July, Paytm said it would be pumping in Rs 350 crore into its payments bank division for developing its technology and build physical branches in rural areas.

Splitting of marketplace & payments biz: In June, Paytm confirmed that it plans to separate its ecommerce marketplace business from its digital payments business. At the time, Sundhanshu Gupta, Paytm’s VP, told MediaNama over email that this was being done “in order to fence the marketplace business from the regulated business of financial services.” Gupta said that separating the businesses would have no impact on each other since the marketplace business would continue to operate with the payments business as they do currently.

Paytm’s investments: In April, Paytm led a round of funding worth $10 million in hyperlocal delivery and auto rickshaw aggregator Jugnoo. In January, Paytm acquired Shifu, a consumer behavior prediction platform for an undisclosed amount. A month before, the company acquired Gurgaon-based services marketplace Near.in for $2 million. Other than this, Paytm had also participated in a $50 million funding round for establishing an online to offline app-only marketplace called Little in July last year.

Paytm numbers: Currently Paytm claims to have over 130 million users for its payment platform. In August 2015, the company had announced that it crossed 100 million users, was carrying out 75 million transactions every month and its wallet was accepted by over 80,000 merchants across the country. This month, the company said users had booked over 100,000 movie tickets per day on the platform, in 4 months since its launch.

Also read: As Paytm ties up with major retail chains, some questions