'I can tell shareholders we're going to be very responsible with our capital, we're going to be absolutely execution focused.'
Digital financial services firm Paytm has received market regulator Sebi's approval for its Rs 16,600 crore initial public offer, a source involved in the process said on Friday. The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.
Until now, these platforms were either working through an investment advisory (IA) or stockbroking licence.
Looking to regain lost ground in the credit cards segment, HDFC Bank on Monday announced a tie-up with leading payments company Paytm to start selling co-branded plastics before the onset of the festive season. The credit cards will be powered by Visa and will include offerings targeted at millennials, business owners and merchants, an official statement said. Paytm has a reach of over 330 million consumers and 21 million merchants, while HDFC Bank has over 5 million debit, credit and prepaid cards, and serves 2 million merchants through its offerings.
Paytm's Rs 18,300-crore IPO -- India's largest public issue to date -- was subscribed only 18 per cent on the first day of bidding on Monday.
The firm chooses UP for payments bank launch in February. Karan Choudhury reports.
Hacker group John Wick is said to be responsible for the Paytm Mall database breach.
Digital payments firm Paytm is expected to seek shareholders' approval to raise up to Rs 16,600 crore through an initial share sale, giving it a valuation of over Rs 1.78 lakh crore, according to a source. The extraordinary general meeting of Paytm is scheduled for July 12 in which the company may seek approval to raise up to Rs 12,000 crore through issuance of fresh equity. Another Rs 4,600 crore is expected to be raised from the sale of equity shares by existing and eligible shareholders, according to the source.
Paytm is banking on its offline network of merchants to fight bigger rivals Amazon and Flipkart
The funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
Sai Manish & N Sundaresha Subramanian offer a fresh perspective on the digital wallet business.
Wipro will be implementing the core banking solution for Paytm.
Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.
Digital payments and financial services firm Paytm has filed a draft red herring prospectus for its proposed Rs 16,600-crore initial public offering (IPO) with the Securities and Exchange Board of India.
Two years after his dismissive stance on India's AI potential raised eyebrows here, OpenAI CEO Sam Altman on Wednesday gave a ringing endorsement to Artificial Intelligence momentum in the country -- and billed India as an important market not just for the new-age technology itself but for the ChatGPT creator as well. In New Delhi on Wednesday, Altman -- while sharing dais with Union IT minister Ashwini Vaishnaw -- said India is the second biggest market for the company and that Open AI had tripled its users here in the last year.
Day 2: Syed Firdaus Ashraf attempts to deposit Rs 500, 1,000 notes in his bank account.
Hyundai Motor India (HMIL) raised Rs 8,315 crore from anchor investors on Monday, setting the stage for the country's biggest-ever maiden share sale. The Indian arm of the South Korean carmaker Hyundai Motor Company (HMC) allotted 42.4 million shares to 225 funds at Rs 1,960 apiece, the higher end of its price band. Among the investors receiving allotments were the Singapore government's sovereign wealth fund (GIC), New World Fund, and Fidelity.
Paytm has been preparing for the sale for the past three months.
Paytm said the global tech giant's move was hypocritical as Google, too, regularly runs similar scratch card campaigns in India under its Google Pay app.
The size of the Indian financial services market could touch around $340 billion in the next few years.
Paytm will look to raise up to $1.5 billion as part of primary share sale, leading up to its initial public offering (IPO), which is planned for November, a person familiar with the developments said. The company is looking to file its draft red herring prospectus (DRHP) by July, according to sources. According to this person, though the details of the listing are being worked out, Paytm may take the qualified institutional buyer (QIB) route to list and issue fresh equity to raise funds.
Digital firm One97 Communications, which operates under Paytm brand name, on Thursday said its IPO will open on November 8 for subscription in the price band of Rs 2,080-2,150 apiece, which implies that the firm's valuation stands at Rs 1.44 lakh crore-Rs 1.48 lakh crore. The initial public offer (IPO) subscription will close on November 10.
The mobile wallet player plans to add more Chinese sellers to its e-commerce platform and boost technology for its soon-to-be-launched payments bank
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
Paytm will not be available for download now but there will be no impact on existing users of the app. 'The app was blocked for violation of play policies - a clarification of our policy was released earlier today ahead of the IPL (Indian Premier League) tournament,' Google said in an e-mailed response on Friday.
The deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
Online mutual fund (MF) investment platforms like Groww, Zerodha Coin and Paytm Money, which allow investments in direct MF schemes for free, will soon be able to charge their customers or the fund houses for executing transactions. "They can charge some money but commission-like structure won't be allowed," Madhavi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), said on Tuesday. At present, none of these online investment platforms generate any revenue through the MF sales.
The company is modelling its many ventures on Alibaba in China.
Paytm has, since November 8, been on an overdrive, rolling out a series of features on its app including multi-language options for a no-holds barred access across the country. The company is now planning to make Paytm available on all types of mobile phones, going much beyond smartphones.
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
Amid news that the company was planning to scale down its online marketplace business and eventually exit it, Paytm Mall is targeting Rs 10,000 crore in business over the next 12 months, says Karan Choudhury.
Accuses foreign-funded competition of 'capital dumping' to capture market, bats for stronger regulations for sector.
Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future. "There is no material impact on the revenue/operations of the company and this disclosure is being made voluntarily," the Gurgaon-based company said in a regulatory filing on Tuesday.
Hectic fundraising through IPOs will continue next week, with three firms -- One97 Communications, owner of Paytm; Sapphire Foods India, which operates KFC and Pizza Hut outlets; and Latent View Analytics -- are set to launch their initial share-sales to collectively mop up about Rs 21,000 crore. This comes after five companies successfully concluded their public offerings (IPOs) this week. Those five firms are - FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa; Fino Payments Bank; Policybazaar parent entity PB Fintech; decorative aesthetics supplier SJS Enterprises; and microcrystalline cellulose maker Sigachi Industries.
Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
What explains Vijay Shekhar Sharma's optimism when other players have started to tread cautiously is Paytm's huge customer base: It has 120 million users and counting, says Nivedita Mookerji.
Alibaba is playing a big role in helping to train the senior management of the upcoming Paytm Payment Bank
Sleep has been a casualty for Vijay Shekhar Sharma, whose wallet company Paytm has a user base of close to 150 million and is working 20 hours a day.
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