Microsoft (NASDAQ: MSFT) is expected to lead a $100 million funding round in India's digital payment behemoth- Paytm, according to a report from India's The Economic Times.
Paytm provides digital payment services to individuals and merchants and has raised around $3.5 billion to date. Paytm is one of the largest digital payment platforms in India, with backing from investors including SAIF Partners, Softbank, and Alibaba Group.
Paytm became hugely popular after India's demonetization efforts back in 2016. India was primarily a cash-based economy that had to temporarily transition into a digital-based economy overnight, resulting in a surge of online payment service providers.