Indian FinTech player Paytm is aiming to raise about 218 billion rupees (approximately $3 billion) in an initial public offering late this year, Bloomberg News has reported, citing a person familiar with the matter.
The company, formally called One97 Communications Ltd, plans to list in India around November and is targeting a valuation of around $25 billion to $30 billion, the report said.
The One97 board plans to meet this Friday to formally approve the IPO, according to the report.
Its IPO plans come at a time when the COVID-19 pandemic has fuelled demand for digital payment platforms in India, intensifying a battle for market share with Google and Facebook Inc-owned Whatsapp Pay.
Paytm’s CEO told reporters in January that the FinTech firm could turn profitable this year and would soon look to list.
The start-up offers a digital payment platform for merchants, money transfers and bill payments across India.
You can read the Bloomberg News article here.
The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Chandini Monnappa in Bengaluru. Editing by Aditya Soni.
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