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The startup backed also by Berkshire Hathaway and Jack Ma’s Ant Group plans to raise as much as 166b rupees from its share sale. The IPO will include an equal amount of new and secondary shares, according to a Draft Red Herring Prospectus.
Formally called One97 Communications Ltd., Paytm hopes to tap the same strong investor demand that’s propping up fellow unicorn Zomato Ltd.’s hugely popular share sale. That’s despite the company reporting Friday a 10% drop in revenue during the year ended March 2021, after intensifying competition from Walmart Inc.’s Flipkart and Amazon.com Inc. cut its e-commerce and cloud sales by the same amount. Its core payment and financial services arm, however, grew 11%. In fintech, Paytm has fended off stiff competition from a swath of global players including Walmart-owned PhonePe, Google Pay, Amazon Pay as well as Facebook Inc.’s WhatsApp Pay. It still has the biggest market share of India’s merchant payments, with over 20 million merchant partners in its network. Its users make 1.4 billion monthly transactions, according to numbers in a recent company blogpost.
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