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Paytm raises 122 crores as fresh funds, talks to start offering SME loans underway

Updated: Nov 23, 2017 09:34:59am
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Paytm raises 122 crores as fresh funds, talks to start offering SME loans underway

New Delhi, Nov 23 (KNN) Paytm Payments Bank has received another Rs 122 crore in fresh funds, raising its total capital allocation to 400 crore. According to the filings in Registrar of Companies Paytm founder and CEO Vijay Shekhar Sharma personally infused 62 crore and the rest of the amount has been pumped in by two one97 communications and one97 Communications.

Paytm will use the fresh funds to strengthen its payment bank. As per the RBI regulations, payments banks cannot lend to consumers, so Paytm is in talks with banks and financial service providers to offer products to service retail & SME loans, and consumer credits.

Paytm holds payment bank license along with Airtel and Fino finance in the country. The company separated its ecommerce and Payment bank business to meet the RBI guidelines but since one year of its inception it is unable to acquire customers, besides reporting a loss of over Rs 30 crore at the end of financial year 2017.

Paytm in a statement recently said that the company would invest $500 million in KYC (Know Your Customer) operations and customer acquisition in order to bring half a billion customers to the mainstream economy over the next three years. (KNN/AG)

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