India's Paytm planning to raise $268m in share sale ahead of IPO

Indian digital payments firm Paytm is planning to raise $268 million in a funding round as it prepares for an initial public offering later this year, a source directly aware of the matter said on Monday.

Paytm will also seek to issue Rs 8,300 crore ($1.11 billion) worth of new shares and its backers Alibaba and SoftBank will have the option to sell another Rs 8,300 crore in stock, said the source, who declined to be named as the discussions are not public.

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