Paytm Money looks to raise $1.2 bn; Snapdeal-ShopClues deal hits a wall
Paytm Money Ltd, the wealth management arm of digital payments company Paytm, is planning to raise as much as $1.2 billion in a mega funding round, said a media report.
According to a Business Standard report, citing unnamed sources, existing investors including SoftBank Group and Alibaba’s financial affiliate Ant Financial, are interested in the round.
The report also said that the company has already started talks with these big investors and the round might be closed in the next two-three months.
If the deal goes through, Paytm Mall's valuation will hit $5 billion, making it a unicorn, the report added.
Paytm Money received its maiden fund infusion of Rs 9 crore ($1.38 million) from its parent, One97 Communications Ltd, in April 2018.
The wholly owned subsidiary of Paytm offers investment and wealth management products for its users, all of which are delivered through its mobile application.
Snapdeal’s anticipated acquisition of rival online retail marketplace ShopClues has run into a standstill as the due diligence by the former found significant pending liabilities on the latter's balance sheet, The Economic Times reported, citing sources.
Snapdeal was looking to acquire ShopClues in an all-stock deal.
TechCircle had reported in April that cash-strapped ShopClues approached now-rejuvenated Snapdeal with a merger offer.
According to the ET report, ShopClues has significant liabilities, including tax and money that it owes its vendors, and has also seen a significant fall in the number of orders.
Queries sent to both Snapdeal and ShopClues did not elicit a response at the time of publishing this report.
Facebook's Libra may not launch in India
Social networking giant Facebook's Libra, the cryptocurrency to be unveiled next year, will not be available in India due to current regulations that don't permit use of the banking network for blockchain currency transactions, The Economic Times reported, citing sources.
According to the report, Facebook's digital wallet Calibra won’t be available in markets where cryptocurrencies are banned or Facebook is restricted from operating in.
The report cited a Facebook spokesperson as saying that there were no plans from the social networking giant to offer Calibra in India due to local restrictions.
Facebook on Tuesday announced plans for launch of the cryptocurrency wallet service Calibra in 2020.