Alibaba, SoftBank Backed Indian Online Payment Startup Paytm Eyes $2.2B IPO: TechCrunch

Indian digital payments startup, Paytm, plans to raise $2.2 billion in an initial public offering, TechCrunch reports.
Alibaba Group Holding Ltd (NYSE:BABA) and Ant Financial own 36% of Paytm. Berkshire Hathaway (NYSE: BRK-B) and SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) held an 18% stake.
The startup, which competes with PhonePe and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Pay, plans to offer a share sale worth $1.1 billion.
Paytm may raise $268 million in a pre-IPO round.
It plans to use the fresh capital of $577 million to broaden its payments services offering and about $269 million to enter into new initiatives and explore acquisition opportunities.
Paytm was last valued at $16 billion.