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India's Paytm raises $1.4 bln from SoftBank

MUMBAI, May 18 (Reuters) - India’s Paytm said on Thursday it has raised $1.4 billion from Japan’s SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia’s third-largest economy.

SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications, according to a statement from the Indian digital payments provider.

China’s Alibaba, which counts SoftBank as its biggest investor, already holds a stake in Paytm. (Reporting by Sankalp Phartiyal; Editing by Rafael Nam)

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