One97 Communications (OCL), the parent company of Paytm, has raised over $660 million (around Rs 4,724 crore) from investors, including Alibaba’s Alipay and funds managed by T Rowe Price, regulatory documents revealed.

The board of One97 Communications has approved the allotment of shares worth over $660 million to the investors, the document sourced by business intelligence platform Tofler showed. SoftBank’s SVF Panther (Cayman) has also invested in the company.

“The consent of the board is hereby accorded for the allotment of the subscription shares... equivalent to $254.58 per equity shares to the investors for an aggregate consideration of Rs 4,724 crore (equivalent of $660 million),” it said. The resolution was passed by the board through circulation on December 6, 2019, it added. Officials from Paytm were not available for comment on the news.

Last month, Paytm had announced that it has raised $1 billion, or over Rs 7,000 crore, in funding from US-based asset management firm T Rowe Price apart from existing investors SoftBank and Alibaba to fund expansion plans. Discovery Capital, an existing shareholder of the company, had also participated in the round.

The company had then also said it plans to invest Rs 10,000 crore over the next three years to expand financial services. The fund raising reportedly valued OCL close to $16 billion. Earlier this year, reports had said that Paytm, which has been incurring losses, was looking to raise up to $2 billion in funding. The company has said it will look at a public listing only after 2021.

Paytm had raised $300 million from Warren Buffett’s Berkshire Hathaway in September last year. The company has been facing tough competition from rivals such as Google Pay and PhonePe, which is owned by Flipkart.