One97 Communications, which operates Indian m-commerce platform Paytm, has raised $60m as a first step towards reaching a targeted $300m for its new round of funding. The capital comes from Taiwanese chip-maker MediaTek.
Paytm offers consumers and merchants digital services, such as payments processing and digital wallet services.
The company is also reportedly in talks with other investors including Temasek, GIC and Foxconn to raise between $300m and $350m for the new round.
One97 is 40% owned by Alibaba through its Ant Financial subsidiary after the web giant made a $550m investment in the company in January of last year. The Alipay-owner is expected to also contribute to the new round.
Last year Paytm was one of 11 applicants to receive approval from the RBI to set up a so-called payment bank designed to boost financial inclusion by offering greater access to financial services.
This latest round of funding values One97 at $5bn.
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