We covered Paytm again in Could when the Indian digital funds chief introduced its plan to go public by November with a goal valuation of round $25 billion to $30 billion. Again then, Paytm was aiming to increase about $3 billion (218 billion rupees) in an preliminary public providing (IPO) however later scaled all the way down to $2.2 billion (166 billion rupees). 5 months later, we now have higher readability about its IPO dimension.
Right now Paytm has boosted the scale of its preliminary public providing to 183 billion rupees ($2.44 billion), because it plans to listing in India round November with a valuation of round $25 billion to $30 billion. A supply, who didn’t wish to be named as the knowledge was not public, instructed Reuters that Paytm elevated the scale of its IPO because it acquired elevated investor demand. The corporate didn’t instantly reply to a Reuters request for remark.
Paytm joins one of many newest within the sequence of FinTech startups going public. Earlier this yr, two cost fintechs made their debuts on each the NASDAQ and NYSE. Boston funds startup Flywire raised $250 million and Paymentus inventory additionally surged practically 40% in its IPO debut.
Based in 2010 by Akshay Khanna and Vijay Shekhar Sharma, Paytm is owned by one in all India’s mobile-internet corporations, One97 Communications. Its buyers embrace SoftBank, SAIF Companions, Alibaba Group, and Ant Monetary.
Paytm is a cost gateway that gives cost providers to retailers and permits customers to make seamless cellular funds from playing cards, financial institution accounts, and digital credit score amongst others. The corporate maintains an open tradition the place everyone seems to be a hands-on contributor and feels snug sharing concepts and opinions.
Paytm can also be backed by Japan’s SoftBank Group (9984.T), Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), and China’s Ant Monetary. Paytm’s high opponents embrace Ant Monetary, Flipkart, PayPal, FreeCharge, MobiKwik, and Razorpay.
https://techstartups.com/2021/10/27/indian-fintech-startup-paytm-raises-ipo-size-2-44-billion/ | Indian fintech startup Paytm raises its IPO dimension to $2.44 billion after robust demand from buyers | Tech Information