December 20, 2021

SoftBank stands by Indian digital scene despite Paytm IPO flop

categories : banking

RIYADH: Japan's SoftBank Group will continue to invest in India's digital sector, despite the disappointing market debut of Paytm, the online financial technology giant it has backed, the Economic Times reported.

The Japanese company which has so far invested $14 billion in India, expects the digital market to continue to thrive due to strong retail demand, according to Manoj Kohli, country head of Softbank India.

“There’s no market in the world that can massify tech as India is doing,” Kohli said in an interview on Bloomberg TV Friday. “That’s why our founder Masa believes in the Indian market and would invest in Indian growth.”

Indian retail digital transactions have grown five-fold in the last two years, attracting US tech giants such as Alphabet, Amazon and Walmart to the lucrative world of online lending and wealth management.

The company aims to invest between $5 billion to $10 billion in India next year, and it also has plans to increase its foothold and expects more stock market listings in the country over the next 18 months.

“Softbank’s commitment to India is very deep because this is the best market in the world for massification of technology,” Kohli said.

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