Indian fintech start-up Paytm is aiming to boost about 218 billion rupees ($3 billion) in an preliminary public providing (IPO) late this 12 months, Bloomberg News reported on Thursday, citing an individual acquainted with the matter.
The firm, formally referred to as One97 Communications Ltd, plans to record in India round November and is focusing on a valuation of round $25 billion to $30 billion, the report stated.
The One97 board plans to fulfill this Friday to formally approve the IPO, based on the report.
Paytm, backed by Japan’s SoftBank Group, Warren Buffett’s Berkshire Hathaway Inc and China’s Ant Financial, didn’t instantly reply to a Reuters request for remark.
Its IPO plans come at a time when the COVID-19 pandemic has fuelled demand for digital fee platforms in India, intensifying a battle for market share with Alphabet Inc’s Google and Facebook Inc-owned Whatsapp Pay.
Paytm’s chief govt instructed Reuters in January that the fintech agency might flip worthwhile this 12 months and would quickly look to record.
The start-up gives a digital fee platform for retailers, cash transfers and invoice funds throughout India.
($1 = 72.5550 Indian rupees)
