Mobile wallet firm Paytm has got a $45 million loan from ICICI Bank, while financial services company CreditMantri is eyeing $10-20 million funding. Startups eSwasthya.in and Jolly Food Fellow have raised funding of undisclosed amounts. Also, e-commerce major Flipkart has filed a case against the Uttarakhand government against higher tax levied on e-buyers.
Paytm borrows $45m from ICICI Bank
Online payments and commerce platform Paytm has taken a loan of around Rs 300 crore ($45 million) from ICICI Bank in two tranches, as per a report in The Economic Times. “This is a treasury management move for working capital. While adequate funds are there, it is advised by our finance teams to get these credit lines for working capital on the back of security such as FDs (fixed deposits), mutual funds, etc, in order to conserve cash,” Paytm founder Vijay Shekhar Sharma said.