Japan-based SoftBank is set to invest nearly $1.4bn in Paytm, an India-based mobile payments and commerce company.
With this investment, Paytm is expected to be valued between $7bn to $9bn.
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The move comes at a time when the Japanese bank is looking to merge e-commerce firm Snapdeal, its largest investment in India, with Flipkart and further invest in the combined company.
Last year, Paytm saw a massive surge in money added to customers’ wallets after the government of India cancelled the legal tender character of the high denomination currency notes of INR500 and INR1000 to curb corruption.
The company had also received regulatory approval from the Reserve Bank of India (RBI) to establish a payments bank in January 2017.
