Fri. Mar 29th, 2024
Paytm

“Company valuation rises close to USD 10 billion in the latest round,” Paytm told Moneycontrol. The company is said to reach the valuation of Rs $10 billion, which is nearly Rs. 63,537 crores, the company said on Monday. A secondary of some existing customers and former employees sold some of their shares to the new investors. However, they also added some undisclosed family offices and a few western funds which were worth $47.2 million (300 crores).

Paytm

Previously, the company has got valuation around $7 billion in may, which included a funding of a Chinese investor ‘SoftBank’. SoftBank invested around $1.4 billion (approx Rs 9,000 crores) in a parent company called One 97 Communications. This made Paytm one of the biggest internet firms in the country crossing Flipkart, which has a net valuation of about $12 billion. Flipkart and Paytm both have this same common investor, Softbank. He even found spending $2.5 billion to take Amazon India.

Paytm said in a statement, “Paytmers who have been with the company since inception to as early as one year has benefited.” However, even Flipkart disbursed $100 million for repurchasing ESOP’s of 3000 present and former employees of the company.

Paytm founder, Vijay Sharma sold 1% of his share for Rs 325 crore to raise capital for Paytm payments bank. The payment wallet app went viral following demonetization in November 2016. They also introduced Mobile Payments Bank after one year in November 2017. The company has also expanded in various verticles that includes Paytm Payments Bank, Paytm Mall and Paytm money.

By Satish

Currently pursuing BBA, stating in the Capital. Over the past couple of months, experience in preparing marketing campaigns, technical news articles and written content for some exciting blockchain-backed projects.