Softbank and Alibaba have reportedly invested $445m in to Paytm Mall, the e-commerce division of Indian banking platform Paytm.
The investment will see Softbank invest $400m in to the company, while China-based payments giant Alibaba supplied the remaining $45m, according to various reports in the media.
Paytm is a mobile-based financial services platform that offers payments, banking, lending and insurance products. The platform implements a range of solutions including QR-based payments and an online banking app that serves over 500 million unserved and underserved consumers in India.
The company’s e-commerce division Paytm Mall is an online platform for consumers to purchase a range of products including electronics, home and kitchen, books, sports accessories, toys and clothing, among others.
Last year, the company’s banking unit Paytm Payments Bank reportedly received an $18.8m investment from its parent company One97 Communications.
Earlier in the week, India-based P2P lending platform Finzy picked up $1.3m in the first round of its pre-Series A funding round. The company is looking to close another investment to the round within the next 60 days, according to the company.
India’s FinTech sector dominated the Asia-region last year, with it receiving 54 per cent of the total $1.3bn deployed over the year, according to data by FinTech Global.
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