One97 Communications raises over $660 mn from investors including Alipay

One97 Communications, the parent company of Paytm, has raised over $ 660 million (around Rs 4,724 crore) from investors, including Alibaba's Alipay and funds managed by T Rowe Price, as per regulatory documents.

The board of One97 Communications has approved allotment of shares worth over $ 660 million to the investors, the document sourced by business intelligence platform Tofler showed.

SoftBank's SVF Panther (Cayman), among others has also invested in the company.

"The consent of the board be and is hereby accorded for the allotment of the subscription shares...equivalent of $ 254.58 per equity shares to the investors for an aggregate consideration of Rs 47,24,42,17,500.13 (equivalent of $ 660,000,383.64)...," it said.

The resolution was passed by the board through circulation on December 6, 2019, it added.

E-mails sent to Paytm did not elicit a response.

In November, Paytm had said it has raised over Rs 7,000 crore in funding from US-based asset management firm T Rowe Price and existing investors SoftBank and Alibaba to fund expansion plans.

It had also said it plans to invest around Rs 10,000 crore over the next three years to expand financial services.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel