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| Image By: Bhupinder Nayyar on Flickr |
One of the food tech unicorns just received a big response on the Indian stock market. The market is currently on a roller coaster as several Indian startups prepare for their first public offerings. And the forthcoming Diwali will create a lot of buzz in the market. The reason for this is that Paytm, an Indian financial behemoth, is planning an initial public offering (IPO) by the end of October.
Paytm's tale has become synonymous with India's digital transformation. It began in 2010 when the internet began to spread throughout the country's hinterlands. It began as a platform for mobile phone top-ups and swiftly evolved into a fintech company that provides insurance, gold sales, bank deposits, remittances, and movie and aircraft booking, among other things. It is currently prepared to open its doors to public and retail investors.
An initial public offering (IPO) for Paytm is in the pipeline:
Paytm, an Indian digital payments company, is expected to undertake its initial public offering (IPO) at the end of October, according to a source familiar with the situation.
The source, who spoke on the condition of anonymity, said Paytm, which has filed for a 16,600 crore ($2.2 billion) IPO, which is expected to be India's largest ever. In the following 18 months, the company aims to break even.
“Hopefully Paytm will be able to go public before Diwali,” the insider stated when asked about the IPO timeframe.
On the road to financial success:
Ant Group of China and SoftBank of Japan are among the startup's backers. It had made a 24.68 billion operational loss the previous year. Its operating loss has now been reduced to?1,655 crores for the financial year ending March 31, 2021.
“Paytm is now on its way to profitability. If the company continues to operate as it is, 18 months is a plausible estimate, assuming no COVID-related commercial impact.”, the insider predicted while speaking optimistically about the situation.
Paytm declined to comment when contacted for a response.
(Source: Trak)
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