Paytm Money plans to raise $1.2 billion in a mega funding round

Paytm Money is considering rapid expansion in mutual fund, insurance and financial services

Paytm Money, the wholly-owned subsidiary of mobile wallet giant Paytm, is planning to raise as much as $1.2 billion in a mega funding round, said people in the know. According to them, the company is eyeing rapid expansion in the mutual fund (MF), insurance, and financial services space in 2019. It is believed this funding round will help it get the added traction.

The people said existing investors, including SoftBank Group and Alibaba’s financial affiliate Ant Financial, are interested in the round. They believe the next level of growth for One97 Communications — the parent company of Vijay Shekhar Sharma-led