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India's No. 1 Digital Wallet Paytm Raises $1.4B from SoftBank at $7B Valuation

India's No. 1 Digital Wallet Paytm Raises $1.4B from SoftBank at $7B Valuation

SoftBank Group Corp. (TYO: 9984), which will join Alibaba Group (NYSE: BABA) as a major shareholder and will take a seat on the board of Paytm, One97’s flagship brand and India’s largest digital payments platform. The deal reportedly brought Paytm’s valuation to about $7 billion. Last year, Paytm raised $60 million from Taiwanese chip maker MediaTek at a $5 billion valuation. Paytm is said to have 220 million wallet users and 5 million merchants of its e-commerce platform. “This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team’s execution and vision. We believe we have a great opportunity to bring financial inclusion to half a billion Indians,” said Vijay Shekhar Sharma, founder and CEO of Paytm. “Paytm plans to invest 10,000 crore over the next three to five years towards its commitment to enabling half a billion Indians to join the mainstream economy.” “In line with the Indian government’s vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments,” said Masayoshi Son, chairman and CEO, SoftBank Group. Paytm also said that it has received final regulatory approval for its mobile-first Paytm Payments Bank, which is set to begin operations later this month. “India has presented us with the world’s largest opportunity in terms of financial services and we are confident its market will grow exponentially over the next decade,” said Eric Jing, CEO of Alibaba’s affiliate Ant Financial. We are proud to be Paytm’s strategic partner and we will continue to extend our tech know-how to support Paytm’s growth in the country. We welcome SoftBank to a great ride together to provide equal access to financial services in India, Headquartered in New Delhi, One97 has more than 4,500 employees with regional offices in Mumbai, Bengaluru, Pune, Chennai and Kolkata, and a global presence in Africa, Europe, the Middle East and Southeast Asia. The company’s backers include Alibaba Group, Ant Financial (AliPay), SAIF Partners, Mediatek, Sapphire Venture and Silicon Valley Bank. SoftBank is a global technology player that aspires to drive the information revolution. The SoftBank Group holding company owns a global portfolio of companies, including advanced telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers. Vijay Shekhar Sharma, founder and CEO of Paytm.]]>

India's @Wipro Infrastructure $WIT to Acquire Israel's Givon From FIMI

India's @Wipro Infrastructure $WIT to Acquire Israel's Givon From FIMI

Globes says Wipro is paying 300 million shekels ($78.7 million) for Givon. Givon, founded in 1970 in Haifa by Ruth and Haim Givon as a family business, has grown to become Israel’s largest manufacturer of metallic aero structure parts and assemblies. Givon manufactures structural parts and assemblies which form part of aircraft fuselage, wings and empennage. The company is a certified Tier-1 supplier and counts leading global original equipment manufacturers among its customers. It has three manufacturing plants, two in Israel and one at Everett, Washington in the US. India is the largest buyer of Israeli military equipment while Israel is the second-largest defense supplier to India after Russia. Independent estimates put the potential offset opportunities at $10 billion and the acquisition of Givon will strengthen Wipro’s ability to address this market. “We welcome Givon to the Wipro family. Givon has a strong tradition of technical expertise and enduring client relationships. I am confident that Wipro and Givon together will be a significant force in key markets. The synergies from our combined portfolio and locational proximity will be a key enabler to build and nurture successful customer relationships,” said Pratik Kumar, chief executive of Wipro Infrastructure. “We are delighted with the opportunity to join hands with Wipro and this gives us an opportunity to bring to the market an expanded range of offerings,” said Ronen Givon, chief executive of Givon. Wipro Infrastructure is one of the world’s largest independent hydraulic actuator manufacturers with expertise spanning over four decades. WIN has a global workforce of over 1,700 and has 13 state-of-the-art manufacturing facilities spread across India, Europe, USA and Brazil. Wipro Ltd. is a leading global information technology, consulting and outsourcing company headquartered in Bangalore, India. FIMI is the leading private equity firm in Israel with more than $3 billion in assets under management. Since its founding by Ishay Davidi in 1996, FIMI has successfully completed 81 investments, executed 51 exits with total transaction value of more than $4.5 billion, and raised six funds.]]>