India-based mobile marketplace Paytm, which is backed by the corporate venturing arms of chipmaker Intel and software provider SAP, is in talks to raise close to $200m in the next three months, according to VCCircle.
Paytm, which is owned by mobile internet company One97, began as a online mobile and DTH recharge site, but has since shifted to focus on mobile commerce and a digital wallet service. The company has appointed Goldman Sachs as its banker for the fundraising.
Shekhar Sharna, One97’s CEO, said: “We are in talks to raise $200 million in fresh funding from Asian as well as other global investors. We expect to close the round by the end of this year, and the funds will be going into our mobile commerce business.”
One97 stated in August this year it was looking to raise around $100m for Paytm.
Paytm was launched in 2009 after being incubated by One97. The company has raised $28m over multiple rounds from investors including Intel Capital, SAP, SAIF Partners and Silicon Valley Bank.