Key Market Movements
ICICI Bank, India’s largest private sector bank, reached a definitive agreement with ePayLater to acquire a 9.91% stake in the company for $1.27 million on July 25, 2018, putting the bank at a post-money valuation of $12.83 million. ePayLater is the designer of an online payment processing software that offers secure payment services. The investment will allow ICICI to expand its digital lending business.
Plastiq, a developer of a bill payment service platform and a major competitor of Paytm, announced on May 16, 2018 that it raised $27 million in Series B1 and B2 VC funding from Atlas Ventures, Khosla Ventures, and Top Tier Capital Partners. The company has a post-money valuation of $86.83 million.
Paytm E-Commerce, the e-commerce arm of Paytm,