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Tag: paytm (page 1 of 3)

Paytm aims to launch IPO by Oct, plans to hit break-even in 18 months

Indian digital payments app Paytm is aiming to launch its IPO by the end of Oct. The company has filed for a $2.2 bn IPO which could be the largest in India. Paytm also expects to reach the break-even point in the next 18 months, if there are no Covid-19 related impacts. Operating losses have been brought down from Rs 24.68 bn a year before to Rs 16.55 bn by the end-March 2021. Paytm is also promoting their payments hardware and software to merchants.

Paytm board gives in-principle approval for Rs 22,000 cr IPO

Paytm board has granted in-principle permission of Rs 22,000 cr IPO. In the quarter ending December this year, the digital payment app plans an IPO to raise anything between Rs 21,000 cr to Rs 22,000 cr. This will also provide an opportunity for existing investors to offload their stakes. Paytm claims to be 30-50% bigger than rivals with 1.4 bn daily transactions. In FY19-20 it reported a 40% YoY reduction in losses and growth in revenue to Rs 3,629 cr YoY.

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India’s biggest IPO to be launched later this year by Paytm

India’s top digital payment app Paytm is looking to raise over $3 bn in IPO later this year which might be around the Diwali festival. The company is aiming for a total valuation of $25 bn to $30 bn from this IPO. If Paytm succeeds, it might surpass Coal India’s Rs 10,000 cr IPO of 2010. JP Morgan Chase and co, Morgan Stanley, and Citigroup are the banks shortlisted to support the IPO. Paytm will float 10% shares in the next two years and 25% in the next five years.

Paytm Money to hire 250 engineers, data scientists for new development centre in Pune

Paytm Money has started a tech development and innovation centre in Pune. The PayTM owned firm will hire 250 engineers and data scientists for the development of new wealth products and services. The key focus of the centre will be driving product innovation in equity, mutual funds, and digital gold said Paytm Money CEO Varun Sridhar. Paytm Money targets to have 10 mn users and 75 mn yearly transactions in FY’21, largely from small cities and towns.

Policybazaar, Paytm, Ola, IndusInd Bank team up for NUE bid

Policybazaar, Paytm, Ola Financial, IndusInd Bank and a consortium player is planning to set up a New Umbrella Entity (NUE) to build a national payments infrastructure firm, said media reports. These companies, together, will set up a company by the name of “Foster Payment Network” which will front the NUE bid under RBI’s framework. Three Paytm group entities and Mumbai-based Electronic Payment and Services are expected to co-promote the new Foster.

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1.2 bn transactions clocked across platforms in Feb: Paytm

The tremendous growth in offline payments and financial services has resulted in Paytm clocking about 1.2 bn transactions in Feb across platforms. After training over 2 mn merchants, Paytm has introduced digital transactions in 50,000 villages which surged the number of online transactions. Its offline merchant payments are soaring at 15% month-on-month. Paytm has payments businesses across platforms such as UPI, wallet, offline, and QR codes.

Former Paytm exec announces his own financial services startup

The former chief executive of Paytm Money, Pravin Jadhav, announced his very own startup, Raise Financial Services. He has also raised seed funding for his venture. The venture aims to reach hundreds of millions of people not having access to financial services. Jadhav said that his company will focus on people living in metro, tier 1 and tier 2 cities and will offer financial services such as investing, financing, insurance, wealth and payments.

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WhatsApp Pay’s UPI transactions double in December

WhatsApp Pay UPI transactions volume doubled in Dec as it processed 0.81 mn payments worth Rs 29.72 cr, an over 100% rise in both volume and value compared to Nov, as per NPCI data. PhonePe and Google Pay processed 902.03 mn and 854.49 mn transactions, respectively. PhonePe overtook Google Pay as the most-used UPI app in the month, facilitating transactions worth Rs 1.82 lakh cr, with a market share of 40%. Paytm processed 256.36 mn payments.

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Google Pay partners with ICICI Bank to issue FASTags; counters Paytm

ICICI Bank has joined hands with Google Pay for issuance of FASTag. The collaboration enables Google Pay users to order, track and even recharge ICICI Bank FASTag digitally on the payments platform itself. FASTag is a brand name owned by Indian Highways Management Company, which carries out electronic tolling and other ancillary projects of National Highway Authorities of India.

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