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Paytm closes in on $2bn funding - FT

Paytm closes in on $2bn funding - FT

Indian mobile payment giant Paytm is looking to raise $2 billion at a $15 billion valuation, according to the Financial Times.

Existing investors Ant Financial and Softbank are likely to join a round that is expected to close within two months, says the FT, citing sources.

The money will be used to help Paytm stay at the top in a market where its is facing competition from Google Pay, Walmart's PhonePe and the imminent arrival of Facebook's WhatsApp payments service.

The firm is also taking on the likes of Amazon and FlipKart in the ecommerce sector and looking to expand internationally, beginning with Canada and Japan.

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