Paytm has secured a $300 million (Rs 2,200 crore) loan from the China Development Bank to expand its business, the developer said.
The loan is the largest from any Indian bank in terms of amount and duration, Paytm CEO Vijay Shekhar Sharma said in a statement.
Paytm plans to spend the funds on developing the Paytm Pay service in India, he added.
Paytm has been struggling with sluggish sales and cashflow, which has resulted in its valuation falling by over a third in the last 12 months.
Payout in India fell to $9.7 billion last month from $16 billion in the same period a year earlier, according to data from data provider CoinDesk.
The company has been trying to address the cashflow issue by building a network of banks in India to accept payments and make money transfers.
PayPal’s cashflow last quarter was $1.8 billion, which was more than the $1 billion in revenue it earned in the previous quarter, according the company’s latest quarterly report.
The lender, which is in the process of restructuring its debt, had to raise $600 million to invest in a new headquarters, building, and equipment in India.
It said the facility would become operational by December 2018.