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India Paytm’s payroll team convened a stakeholder meeting next month to approve the first-ever donation offering in the country’s largest $ 3bn.
The group, backed by Ant Group of China and Japan’s SoftBank, has appointed JPMorgan, Morgan Stanley, Goldman Sachs and ICICI Securities of India to lead the case, according to sources familiar with the company. The offer will be a $ 29bn Paytm price.
With operations ranging from digital refunds to banking, Paytm was converted to $ 16bn at the end of their debts in 2019 and has become well known for the leading sector in India.
But it was removed from the position as the most valuable launch in India this month by edtech Byju.
It is also facing stiff competition from online payments from Western competitors such as Google Pay and PhonePe, a service offered by the Walmart platform in India ecommerce Flipkart.
Five years ago “Paytm ruled India, it was in the driver’s seat”, says Neil Shah, a researcher at the technology company Counterpoint. “But it is still blood.
“Now is the time to make an IPO because the competition is growing fast and the likes of Paytm are dwindling; an IPO can make a difference to compete,” he said.
As India’s early generations of technology grow, several other unicorns are considering writing this year.
Food Delivery Company Zomato filed their complaint in April seeks to benefit from the increasing number of online transmission in India during the coronavirus epidemic.
Policybazaar insurance groups and the beautiful ecommerce page Nykaa have also said they are considering lists such as Walmart’s Flipkart.
Under co-founder and CEO Vijay Shekhar Sharma, Paytm was one of the first to pay digital money and today has about 150m users per month.
But Paytm has struggled to make a profit, though it has reduced its losses for two consecutive years.
Last year, Paytm also reported a deficit of Rs17bn ($ 230m) compared to Rs29bn last year.
“We see this initiative looking at the Indian index, probably because of the global economic downturn,” said Gokul Rajan, a lawyer for Cyril Amarchand Mangaldas.
He also said that many companies also view domestic lists, which are regulated by the Securities and Exchange Board of India, as “the best way” compared to foreign donations or private consumer companies.
“Sebi’s rules allow non-profit companies to IPO, and Indian unicorns are a little closer to the US market and calculate based on their potential rather than historical results,” he said.
Paytm’s Sharma has not noticed any controversy over the years. Affected by Hypocrisy in 2018 after criticizing their social media leader for wanting to seize $ 2.7m.
Senior leader has been sharply critical “oppressive power and curiosity”Silicon Valley companies in India and supported the New Delhi ban on Chinese programs, even the most widely sold are Chinese.
He once wrote “it’s”India’s best business time come forward and build the best with the Indians, the Indians! ”
Additional reports of Hudson Lockett in Hong Kong
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