Mountain Capital to invest in Paytm

Mumbai, Aug 31 (PTI) Mobile payments firm Paytm today saidMountain Capital will make an investment in the company, whichwill allow the consumer brand of One97 Communications toaccelerate and a develop vibrant mobile ecosystem. The proceeds of the investment will be used for expansionand scaling up, boosting payments and commerce and buildingand launching the proposed Paytm Payments Bank, Paytm said ina statement, without disclosing the amount of financialinfusion. "MediaTek’s endorsement on Paytm through Mountain Capitalfurther demonstrates its confidence in the proliferation ofIndia’s digital payments and mobile Internet ecosystem," VijayShekhar Sharma, Founder & CEO, Paytm said. "For Paytm, our mission is to bring half a billionIndians to the mainstream economy," he added. "India is ripe for its financial services revolutionand with the growing penetration of smartphones, we have anopportunity to give a new business model of payment, bankingand financial services combined with online commerce," hesaid. Paytm has a strong network of offline retailers forpayments, as well as mobile wallet users. It offers digital payments at several partner destinationssuch as movie tickets, fuel stations, automobile booking,education institutes, flight and hotels booking, utilitybills, Kirana stores, cab fares, among others, so far. PTI DSKNRB JMABKSDM