Indian fintech Paytm reportedly seeks new investment from Microsoft
Category: #technology  By Pankaj Singh  Date: 2020-04-27
  • share
  • Twitter
  • Facebook
  • LinkedIn

Indian fintech Paytm reportedly seeks new investment from Microsoft

Cloud technology and digital payment solutions are a key combination in todays world. Both these areas in the tech sector have become highly competitive, particularly in developing nations.

India’s digital payments giant Paytm is reportedly in discussions with U.S.-based software and cloud services major Microsoft to secure new funds, as the former seeks to accelerate developments and gain an edge over the competition. A proposed funding of nearly $100 million could be an extension to the planned $1 billion fundraising the firm has commenced in the previous year.

Apparently, Paytm has entered into talks with Microsoft in 2019 when the fintech was raising funds from investors. Although Microsoft was not able to take part in the investment round then, it may pour in funds this time around.

T.Rowe Price, the assent manager based in U.S., was a new investor in Paytm during November last year, providing $150 million investments and raising the company’s valuation to $16 billion. The complete collection from the funding round has not yet been received, according to the regulatory filings by the company.

As Microsoft looks to boost its cloud services business to compete against its key rival and the biggest name in the industry, Amazon Web Services (AWS), it has been entering into deals with technology companies as well as startups based in India. Even Paytm utilizes the cloud services of AWS.

Also Read: Atos ups AI and big data game with the acquisition of Miner & Kasch

Paytm had confirmed in November 2019 that it has secured $1 billion in an investment round which was led to T.Rowe Price, where existing investors SoftBank Vision Fund and Ant Financial also participated. Reportedly, just $720 million of that raised capital has come in till date, as understood from Paytm’s regulatory filings.

Ant Financial, an affiliate of Alibaba, is the largest investor for the company but will now require approvals from the Indian government to go ahead with the proposed funding. This is in lieu of the latest FDI guidelines issued by country’s government, stimulated by global and regional socio-political situations.

With Microsoft possibly becoming an investor, Paytm could get access to the company’s computing, storage and connectivity products, which could help it fight competition from digital payments app Google Play and other players.

 

Source Credits: https://tech.economictimes.indiatimes.com/news/internet/paytm-in-talks-to-raise-new-capital-from-technology-major-microsoft/75396883

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh    

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with...

Read More

More News By Pankaj Singh

Optus and Fortinet team up for advanced SD-WAN portfolio in Australia
Optus and Fortinet team up for advanced SD-WAN portfolio in Australia
By Pankaj Singh

Australian telecom company Optus has recently confirmed that it has teamed up with the leading cybersecurity solutions provider Fortinet, for offering secure, software-defined wide-area networking (SD-WAN) to government and enterprise customers. Comb...

Spectra7 Microsystems Inc enters the 5G mobile infrastructure market
Spectra7 Microsystems Inc enters the 5G mobile infrastructure market
By Pankaj Singh

Leading provider of analog semiconductor products, Spectra7 Microsystems Inc., has reportedly entered the 5G mobile infrastructure industry with the launch of its new product, GC2801. With this announcement, the company intends to support requirement...

JLL Partners takes over health analytics provider firm MedeAnalytics
JLL Partners takes over health analytics provider firm MedeAnalytics
By Pankaj Singh

New York-based private equity company, JLL Partners, has reportedly announced its acquisition of cloud-based enterprise analytics provider, MedeAnalytics. MedeAnalytics specializes in the provision of a Software as a Service-based enterprise healthca...