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India's Paytm raises $1bn with SoftBank's contribution

Deal stipulates IPO in 5 years and sends market value over $16bn

A roadside stall displays an ad for the Paytm digital wallet in Kolkata, India, in January 2017.    © Reuters

CEBU, Philippines -- Indian financial technology giant Paytm has raised $1 billion in a new financing round led by U.S.-based global asset manager T Rowe Price and backed by existing investors Ant Financial, SoftBank Vision Fund and Discovery Capital, the company said Monday.

The Series G funding round values Paytm at about $16 billion and comes as the company is set to start preparations for an initial public offering in the next 22-24 months.

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