India’s Paytm will seek shareholders’ approval for an initial public offering (IPO) with an initial fundraising target of 160 billion rupees ($2.2 billion), Interfax reports quoting Bloomberg.

This could be the biggest initial public offering (IPO) for India. If green-lit during a shareholder meeting slated for July 12, the digital payments startup will have the option of raising that target to as much as roughly $2.6 billion.

According Bloomberg’s sources, the Board has decided to start smaller ($2,2 billion) and could increase the size depending on investor momentum.

Company’s valuation could eventually land between $24 billion and $30 billion, sources added.

Paytm is backed by SoftBank Group Corp., Berkshire Hathaway Inc. and Ant Group Co. The IPO will bring the shareholding of Ant Group below 25%, according to sources.

The startup has hired several banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. to handle the matter.



Paytm was founded in India in 2010 and now it is practically the synonym for digital payments in the country. Paytm is a mobile wallet that enables the users to make money transfers, pay for food delivery and facilities, purchase train and cinema tickets, and get small loans. In late 2019, Paytm raised $1 billion from a group of investors.

According to Credit Suisse, India’s digital payments market is going to reach USD 1 trillion within the next several years.

The partner of Fintech section is