Paytm secures Rs. 300cr loan from ICICI Bank

In December, Online marketplace, Paytm announced that it was tying up with ICICI Bank to popularise its mobile wallet, with the launch of a virtual prepaid card that could be topped up at all ICICI branches. The relationship between the two continues to flourish, as ICICI Bank has just cleared a Rs. 300 crore loan, that will assist Paytm with its Working Capital needs.

Paytm is burning $20mn a month to keep up with competitors in the dicey deep discounting game

Documents suggest that the Rs. 15 crore loan which was taken last year has already been repaid by Paytm

Flipkart borrowing & growing

Paytm is not alone in its pursuit of funds. Flipkart recently borrowed Rs. 450 crore from HDFC Bank. Flipkart is also looking to raise a further $1billion in fresh funds. Alibaba who has so far invested Paytm and Snapdeal, looks certain to pour cash into Flipkart if it can get a cut price. After the mark down in valuation of Flipkart shares by Morgan Stanley from $15.2 billion to $ 11 billion, it certainly looks possible.