In August 2016, Paytm raised funding from Mountain Capital, one of Taiwan-based MediaTek's investment funds at a valuation of over $5 billion. Soon after, it received backing from Ratan Tata, the MD of Tata Sons. In March 2015, Paytm received its huge stake from Chinese e-commerce company Alibaba Group, after Ant Financial Services Group, an Alibaba Group affiliate, took 40% stock in Paytm as part of a strategic agreement. Its travel business crossed $500 million in annualised GMV run rate, with 20 lakh tickets booked per month. Paytm's registered user base grew from 1.18 crore in August 2014 to 10.4 crore in August 2015. In 2015, it added education fees, metro recharges, electricity, gas, and water bill payments. It launched into e-commerce with online deals and bus ticketing. By January 2014, the company had launched the Paytm Wallet, which the Indian Railways and Uber added as a payment option. In October 2011, Sapphire Ventures (fka SAP Ventures) invested $10 million in One97 Communications Ltd. It started off as a prepaid mobile and DTH recharge platform, and later added data card, postpaid mobile and landline bill payments in 2013. Paytm was founded in August 2010 with an initial investment of US$2 million by its founder Vijay Shekhar Sharma in Noida, Delhi NCR. The shares closed down more than 27% at ₹1,560. The shares began trading on 18 November 2021, opening at ₹1,950 on the NSE, 9.3% below the upper band of the IPO price range. One97 Communications launched its IPO in November 2021, raising ₹18,300 crore (US$2.4 billion) at a valuation of US$20 billion. The company also uses advertisements and paid promotional content to generate revenues. Īs per the company, more than 2 crore merchants across India use their QR code payment system to accept payments directly into their bank account. As of 2020, Paytm is valued at US$16 billion. Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code. Paytm (a partial abbreviation for "pay through mobile") is an Indian multinational technology company that specializes in digital payment system, e-commerce and finance, based in Noida, Uttar Pradesh.
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