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 BABA and Ant Financial own 36% of Paytm. Berkshire Hathaway (NYSE: BRK-B) and SoftBank Group Corp SFTBY SFTBF held an 18% stake.
  • The startup, which competes with PhonePe and Alphabet Inc GOOG 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.

Posted In: BriefstechcrunchNewsIPOsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.