Paytm, the online payment and e-commerce firm has raised $300 million from a group of Investors led by MediaTek Inc. According to the report by the World Street Journal, Paytm’s investment values have gone up from $2.5 billion to $5 billion. And MediaTek’s contribution has amounted to $60 million.
The new round of financing comes after Alibaba and Alipay invested a total more than $650 million in 2015, according to Registrar of Companies (RoC) filings. Paytm has said it raised about $675 million from Alibaba and Alipay.
Paytm uses its payment service to help direct traffic to its other businesses, like e-commerce. The company says it provides some 135 million mobile wallets in India, where few consumers have credit cards and many prefer to pay in cash.
And according to WSJ report, the funding comes as venture capital investments have been slowing in India amid talk of a bubble in Silicon Valley and concerns over global economic conditions. Investors in the first quarter of 2015 pumped $891 million into Indian tech startups, according to Hong Kong-based AVCJ Research. That number fell 17% to $736 million for the first quarter of this year.