Paytm Payments Bank says it gave 600,000 FASTags in November

PPB said it sold 6 lakh labels in the long stretch of November, and guaranteed that it has prepared over 1.85 million vehicles with FASTags

Paytm Payments Bank (PPB) on Monday said it gave 6 lakh FASTags in the long stretch of November. The Ministry of Road Transport and Highways had declared that cost installments on interstates would be acknowledged through FASTags just from December 1. This was later reached out to December 15.

In an announcement, PPB said it sold 6 lakh labels in the long stretch of November, and guaranteed that it has prepared over 1.85 million vehicles with FASTags. The National Electronic Toll Collection (NETC) program, the leader activity of the Ministry of Road Transport and Highways, has been executed on a container India premise so as to expel bottlenecks and guarantee consistent development of traffic and assortment of client expense according to the advised rates, utilizing uninvolved radio recurrence distinguishing proof (RFID) innovation.

As on December 3, 2019, a sum of 82.55 lakh FASTags have been given. PPB said it has likewise banded together with car makers, for example, Maruti Suzuki, Hyundai Motor India, Honda Cars India, Kia Motors India Pvt Ltd, MG Motor India and others to offer pre-fitted Paytm FASTags at the hour of vehicle buy itself.

“While more than 250 camps have been set up at cost courts, another 500 have been organized in corporate workplaces, private social orders and parking garages in the best 20 urban areas, including Delhi-NCR, Bengaluru, Mumbai, Hyderabad, Chandigarh, Pune, Chennai and Jaipur,” it included. PPB is further boosting the closeout of FASTags by sending 3,500 business reporters in every single significant city and towns, it said.

Paytm raises a billion dollars at a valuation of $16 bn, plans expansion

Ant Financial and SoftBank back it with full force; money will go for expansion in small cities, towns

In a mega funding round, Paytm, the country’s top financial technology entity, has raised a billion dollars (Rs 7,200 crore), at a valuation of $16 billion, from existing shareholders Ant Financial, Softbank Vision Fund and also new investors, including funds and accounts advised by T Rowe Price Associates, among others.

Discovery Capital, an existing shareholder, also participated in the round. Paytm plans to invest Rs 10,000 crore over the next three years, with the stated aim of expanding its services in tier-III cities and smaller towns.

With this funding round, the Vijay Shekhar Sharma-led fintech giant has become a top-tier Asian digital firm, much ahead of others. In this round, the company made a $1-billion equity closure, where SoftBank Vision Fund (SVF) invested $200 million, Jack Ma’s Ant Financial added $400 million and the balance amount came from T Rowe Price and Discovery, among others.

This has happened in a climate where investors are not making big bets on companies and SoftBank is still reeling from the WeWork Initial Public Offer debacle. Till now, Paytm has raised a little over $2.5 billion in investments. Proceeds from the latest round would be directed towards further expanding it’s payment and financial services business….