Get our weekly free Must-Read newsletter. Its debut on the National Stock Exchange of India gave it a value of about $12 billion.Ĭontact reporter Manyun Zou and editor Joshua Dummer our app to receive breaking news alerts and read the news on the go. In July, another Indian startup backed by Ant Group, food delivery platform Zomato, also went public in the country. Kakao Pay debuted in Seoul on Wednesday, securing a market value of $21.2 billion. The listing is likely to add to Ant Group’s portfolio of overseas listed companies worth billions of dollars, shortly after Korean mobile wallet Kakao Pay’s name was added. If the IPO reaches its fundraising goal, Paytm will be valued at $20 billion. The e-commerce giant has shared core technologies with Paytm, including those dealing with cybersecurity risk management, fraud prevention, and money laundering. It originally owned 29.6% of the company via a subsidiary based in the Netherlands but cut its holdings to 25% right before the IPO process began in accordance with Indian rules.Īnt’s affiliate Alibaba Group holds another 7.2% of the company through a Singaporean unit. Since its founding in 2010, Paytm has had 11 rounds of fundraising, with a list of investors that includes Ant Group, Alibaba Group, Elevation Capital, SoftBank Group Corp., and Warren Buffett’s Berkshire Hathaway.Īnt Group is currently its largest single shareholder. The company has reported net losses for the past three years and expects those to continue “for the foreseeable future” as it ramps up spending on staff, operational expansion and infrastructure, according to the prospectus. Operating revenue dropped 10% yearly to 31.9 billion rupees in the year to March, while net loss narrowed 42.1% year-on-year to 17 billion rupees. Paytm is India’s largest digital payment platform, offering payment services and financial products to 333 million registered customers and 21.1 million merchants as of March 31, its preliminary prospectus reads. Retail investors seemed optimistic about the deal, with 78% of their quota subscribed, while non-institutional investors had taken 2% of the released quota, and qualified institutional buyers 6%.Īccording to its plan, the company reserved 15% of the total IPO shares for retail investors, 10% for non-institutional bidders, and the remaining 75% for qualified institutional buyers. 18.īy the end of the first day, 18% of the shares on offer had been snapped up, according to Bloomberg Quint. It plans to go public on both the National Stock Exchange of India and Bombay Stock Exchange around Nov.
That could make it the biggest IPO in Indian history, surpassing the 2010 record set by coal producer Coal India Ltd.
is expected to raise around 185 billion rupees ($2.5 billion) over a three-day subscription window which kicked off Monday. If you no longer trust Mobikwik and value your privacy, find the steps to delete your Mobikwik account from our linked article and switch to one of the UPI apps mentioned above.The parent of Ant Group-backed Indian digital payment platform Paytm has opened its initial public offering for subscriptions, as it tracks to grow the Chinese fintech’s portfolio of multibillion-dollar overseas listed companies. If that doesn’t make sense to you, you’re not alone. Worst part? Mobikwik denied the claims and even went on to blame its users for the breach. That includes personal details & KYC soft copies (PAN, Aadhaar). The company was allegedly a victim of a massive data breach that compromised the data of nearly 10 crore users. However, the good things about Mobikwik end there. Mobikwik’s team has also packed an expense manager to help you track all your spending and get a transaction history without relying on an expense tracker app. Mobikwik also offers the flexibility of recharge and bill payments, paying credit card bills, and much more. One unique aspect of Mobikwik is that you can generate UPI-powered personal payment links for seamlessly receiving money from other UPI app users. The application’s popularity soared after the demonetization of 1000 and 500 Rupees notes. PayTM lets users pay insurance premium online and allows them to transfer or send money in real time. With this free application, you can pay your phone, electricity, gas, water, landline bills, and more. Mobikwik is another option you can consider if you need a feature-rich UPI app. PayTM is one of the best wallet apps in India.
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