Alibaba Group Holding’s finance affiliate has manage to raise a record of $4.5 billion for funding from China Investment Corp. and China Construction Bank Corp.
The fund will be used to finance Paytm’s global expansion. The investors are one of the largest state-backed investors. This round of funding can be marked as the single largest round of funding in the technology industry. It has even surpassed the initial target that was set by Zhejiang Ant Small & Micro Financial Services Group Co. Ant Financial is considering an IPO on the Shanghai Stock for early next year.
Paytm is India’s largest payments provider.