Paytm's valuation may nearly double to $5 billion with latest funding round

Payments wallet and soon-to-be payments bank Paytm's brand valuation is expected to be revised upwards to $5 billion from the current $2.8 billion, after it closes the latest round of funding that is likely in the pipeline.

According a report in The Times of India, Taiwan's Mediatek is expected to lead a $300 million fund infusion into the Vijay Shekhar Sharma-led company. The Noida-based company's former investors Alibaba Group and SAIF Partners are also expected to join the funding round. 

Foxconn, Singapore's GIC and Temasek, Chinese international conglomerate and investment company Fosun, Taiwanese electronics, are also likely to participate in the latest funding round, the report said. 

Patym's last valuation was $2.8 billion.

The report said that the latest funding round will be used to finance the company's payments bank that, according to the last update on the matter, was expected to start operations in August.

The funds will also be used to boost Paytm's payments business and e-commerce operations, the company said.