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…
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