Microsoft could be aiming to pump some money in India’s settlement field through a prospective investment in the country’s fintech titan Paytm. According to a record from the Economic Times, Paytm is wanting to add an extended $100 million to its series-G round worth $1 billion, which was introduced in 2014.
A person familiar with the discussion told ET that talks with Microsoft “began last year when Paytm was in the middle of raising funds. While Microsoft could not participate in the funding then, it is likely to pump in cash now.”
A Paytm spokesperson told TNW, ”We do not comment on market speculations.”
Till currently, Microsoft has made only cloud-related bargains with major startups in India. In 2017, it introduced a tactical collaboration with now Walmart-owned e-commerce titan Flipkart to utilize Azure as a unique public could system.
In 2014, India’s most significant provider Reliance Jio signed a manage the Seattle-based company to use the Azure cloud platform to create services for big ventures. And also, it concurred to make use of Microsoft’s cognitive language services for its device ecosystem, to offer support for 13 Indic languages.
As TechCrunch noted in a report published last month, mobile payment companies have a hard time to generate income after raising billions of bucks in funding rounds. Paytm registered a loss of $549 million for the fiscal year finishing March 2019.
Nevertheless, Microsoft’s rate of interest in India’s mobile repayments market is not lost. According to a report released by Assocham-PWC, the country’s electronic payments market will clock $135.2 billion by 2023.