Paytm held talks with Microsoft about a potential investment of around $100 million into the mobile payments company, The Economic Times reported, as competition in the Indian wallet market continues to ramp.
Sources told the newspaper discussions between the two originally took place in 2019 during one of Paytm’s formal funding rounds, but did not lead to the technology giant taking part in that investment drive.
Paytm is already backed by a number of huge corporations, including SoftBank and Alipay parent Ant Financial: in 2019 it raised a total of $1 billion from existing investors.
The cash was accumulated to increase the scope of its operation, with the company having previously announced its intent to move into new business areas and up its geographical footprint.
Paytm is one of the largest providers of mobile payments in the Indian market, but faces stiff competition to a range of its core services from multinational giants including Google and Amazon. These are soon to be joined by Facebook after it finally gained approval for full launch of WhatsApp payments in February.Subscribe to our daily newsletter Back