Softbank to invest $1.4 billion in Paytm

Japanese telecom-to-internet corporation Softbank is looking to invest $1.4 billion in One97 Communication-run Paytm which also counts China's Alibaba and AliPay as investors. 

According to CNBC and other reports, Softbank is looking to invest the amount valuing Paytm between $7 to $9 billion. 

Paytm provides mobile wallet services along with bill payments and e-commerce facilities - under the Paytm Mall brand. 

The news comes at a time when Softbank is also trying to mediate a merger between Flipkart and Snapdeal, a move which is expected to consolidate the country's e-commerce sector and create two large players - the merged Flipkart-Snapdeal entity and Amazon. 

On Tuesday, the board of Snapdeal which has representation from Softbank, is likely to convene to discuss the probable merger.