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India’s Paytm has raised another round of funding as it nears the launch of its payments bank. 

The latest investor in digital payments and ecommerce firm is Taiwan’s semiconductor company MediaTekMashable India understands that MediaTek has invested $60 million in Paytm, valuing the Indian company at $5 billion. Paytm is in the process of closing another $240 million in investment from some of its existing shareholders including Alibaba, Ant Financial and SAIF Partners, according to a person familiar with the matter

Paytm said that it will use the fresh capital to expand and scale up its payments and commerce efforts, and also launch its proposed Paytm Payments Bank. “For Paytm, our mission is to bring half-a-billion Indians to the mainstream economy,” said Vijay Shekhar Sharma, founder and CEO of One97 Communications, the parent company of Paytm.  Read more…

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