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.
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