Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.
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.
Paytm's Rs 18,300 crore IPO was oversubscribed 1.89 times on the last day of India's biggest share sale on Wednesday, making it one of the country's most valued companies. The initial public offering of Paytm's parent company One97 Communications Ltd received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares, according to information available from stock exchanges. While the portion set aside for retail investors was oversubscribed early, institutional buyers including FIIs flooded the share sale with offers on Wednesday, seeking 2.79 times the number of shares reserved for them.
Tesla began taking orders for its Model 3 sedan from Indian customers in 2016 and caught the fancy of people like GOQii's Vishal Gondal, Paytm's Vijay Shekhar Sharma and venture capitalist Mahesh Murthy. Amid hints from Elon Musk, Alnoor Peermohamed reports on Tesla's Indian entry.
The deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
Paytm is banking on its offline network of merchants to fight bigger rivals Amazon and Flipkart
Amid oxygen shortage and a faltering health system in the country, India is seeing over 300,000 cases daily.
Even if the Paytm fiasco does not mark the end of the bull run, at least some sanity will return to the wild IPO market, observes Debashis Basu.
WhatsApp on Tuesday said its latest policy update does not affect the privacy of messages as the Facebook-owned company sought to address concerns around security of user data on the platform.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
His investment in Paytm is in his personal capacity.
Alibaba is playing a big role in helping to train the senior management of the upcoming Paytm Payment Bank
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.
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.
Paytm plans to launch mutual funds, insurance and banking services and s also providing the option to transact offline with a physical debit card
Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering USD 15.3 billion (67 per cent) to his last year's wealth to become one of Asia's top five richest.
From Twitter to Facebook to Spotify, everyone it seems is clambering aboard the social audio bandwagon. Neha Alawadhi reports.
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
Might opt for salaried employment after failure of his latest venture
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
The device supports a host of India-specific apps and the more you use it, the better it gets.
While a three-year tax holiday and relaxation of capital gains for funds have been received favourably, others argue that not enough has been announced.
The revised policy, which has come into effect since last week, means passengers who are looking to skip the long queues at airports will have to shell out a fee for it. For IndiGo, the lowest seat fees is Rs 100 while for SpiceJet it is Rs 99.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
Paytm recently partnered with 1,000 educational institutions over admission fee payment through the app.
PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
Paytm, which recently hived off its e-commerce and payments bank businesses into separate companies, would use these fresh funds to bolster the two businesses
Paytm's secondary share sale gave an opportunity to its employees - both former and current - to liquidate their vested Esops and earn around Rs 500 crore in total.
Three businessmen disclose their success mantras: One belongs to an old Marwari family, another is a second generation industrialist whose father scripted an amazing rags-to-riches story and the third was a professional till one day he succumbed to the charms of entrepreneurship.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
Accuses foreign-funded competition of 'capital dumping' to capture market, bats for stronger regulations for sector.
Who will make the most of the disruptions of 2016 this year? Mihir Sharma's list of probables.
For the four new players, the spike in wealth is 126 per cent.
Company to invest in 30 companies in the next three months and wants a portfolio of 70 firms by the end of FY17
Telecom operators stressed that differential pricing for data is necessary for growth.
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
Industry experts said the major pain point would be tax collection at source, which would create a rift between sellers and e-commerce companies.
While Google has market capitalisation of almost $753 billion and Facebook commands one of $515 billion, it is the wealth of user data they have that one fears
Experts believe that the sector should not jump to conclusions on WhatsApp Pay, which is still in its 'Beta testing' phase.
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