![]() ![]() ![]() Thakur said about a third of her customers pay her for milk, bread and other daily groceries via Paytm. “I didn’t know corona would happen but Paytm was very useful to me during the pandemic,” grocery shop owner Naina Thakur told the AFP news agency. It has benefitted from the government’s efforts to curb the use of cash – including the demonetisation of nearly all banknotes in circulation five years ago – and most recently, from COVID. The platform was launched in 2010 and quickly became synonymous with digital payments in a country traditionally dominated by cash transactions. The IPO is expected to make Paytm India’s most valuable tech company with a valuation of $20bn, up 25 percent from two years ago. Paytm will issue fresh shares worth 83 billion rupees ($1.1bn), while existing shareholders will sell shares worth $1.34bn, according to the prospectus. His stake of nearly 14 percent will most likely make him far richer still with the IPO which opens on Monday. He was ranked India’s youngest dollar billionaire four years ago at the age of 38 and now has a net worth of $2.4bn, according to Forbes. The firm was founded barely 10 years ago by Vijay Shekhar Sharma, the son of a teacher who says he learned English by listening to rock music. Paytm is backed by Chinese tycoon Jack Ma’s Ant Group, Japan’s SoftBank and Warren Buffett’s Berkshire Hathaway, which together own about a third of the company. India will see its biggest-ever initial public offering with digital payments platform Paytm looking to raise nearly $2.5bn, in what has already been a record year for share listings ![]()
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