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Paytm Said to Get $300 Million in Funds at $5 Billion Valuation

Indian digital-payments and e-commerce startup Paytm is raising $300 million in a funding round led by Taiwan’s MediaTek Inc. and other investors, more than doubling its valuation to $5 billion, a person with knowledge of the matter said.

Paytm’s existing investors Alibaba Group Holding Ltd., its payments affiliate Ant Financial and venture fund SAIF Partners participated in the financing, said the person, who asked not to be identified because the information isn’t public.