![]() However, the response in India has been different. (SFTBF) founder and existing Paytm investor Son declared that,”for us, their IPO should be a great event.” And on the day of the launch earlier this month, Softbank The company raised $1.1 billion from BlackRock and the Canada Pension Plan Investment Board just before the IPO opened, according to an exchange filing. It has 337 million registered consumers and 22 million merchants, according to its IPO filing.Īt the listing ceremony on Thursday, an emotional Sharma called the company’s purpose of bringing millions of Indians into the mainstream economy “pious.”įoreign investors have been enthusiastic. Thanks to the momentum provided by the cash ban, Paytm is now the biggest payments platform in one of the world’s fastest growing economies. It made us “a folklore name in this country,” Shekhar told CNN Business in 2019. The move was hugely disruptive for the economy, but it helped Paytm grow at an explosive rate: The company signed 10 million new users within a month. That day also marked five years since Prime Minister Narendra Modi banned two of the country’s biggest currency notes. Paytm’s founder, Vijay Shekhar Sharma, went to “ seek blessing of God” at the Tirupati Temple, one of India’s most famous places of worship, on November 8 - the day Paytm launched its IPO. “A lot of well-wishers and friends messaged, saying, ‘Oh, I’m getting a prayer done at Golden Temple for Paytm’s success,” said Deora, referring to the central place of worship of the Sikh religion. India has been churning out billion-dollar startups for years, but the rush for those unicorns to go public started only a few months ago. Its public debut has been keenly watched by professional and amateur investors alike. (BABA), Paytm is one of India’s best funded startups. With backing from investors such as Warren Buffett, Masayoshi Son and Alibaba The former investment banker has been with the company for five years.īut the amount of attention it drew took him by surprise. “The outcome of the IPO was not in doubt,” Madhur Deora, the president and group CFO of Paytm, told CNN Business last week. India's newest billionaire Falguni Nayar built a beauty empire We expect Paytm to continue being the largest payments and fintech ecosystem in India,” it added.Falguni Nayar, managing director and CEO of Nykaa, an online marketplace for beauty and wellness products, speaks with people during the company's IPO listing ceremony at the National Stock Exchange in Mumbai on November 10, 2021. “With increased financial discipline (rare in the hyper-competitive payments space), it is on track to break even in 12-18 months. We believe the next stage of growth will be led by financial services, particularly delivering seamless credit tech products to consumers and merchants,” the Bernstein report said. “Paytm has come a long way from a simple digital wallet business to an integrated payments ecosystem. In a pre-IPO primer, investment research firm Bernstein said today that Paytm is likely to break even in 12-18 months given financial discipline and strategic investments. It is the most valuable Indian unicorn with a valuation of $16 billion according to the Hurun India Unicorn Index 2020. It now also offers other services such as Paytm insurance and Paytm Money. Paytm has recently diversified beyond payments and financial solutions for consumers, offline merchants, and online platforms. have been shortlisted to manage the floatation of the fintech’s issue of shares. Even after the board clearance, the preparation, including the filing of documents and getting approvals can take five-six months, a company source told The Hindu.Ī person in the know told Bloomberg confidentially that Morgan Stanley, Citigroup Inc., and JPMorgan Chase & Co. However, the exact timing of the issue would depend upon market conditions. ![]() The board of the parent company, One97 Communications Limited, is scheduled to meet on Friday to greenlight the IPO, tentatively being planned for the Diwali festival season around November. The firm is targeting a massive valuation of $25 billion to $30 billion. Paytm, the Indian payments giant backed by investors such as Berkshire Hathaway Inc., SoftBank Group Corp., and Ant Group Co., is weighing an IPO worth $3 billion says a Bloomberg report. ![]()
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