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New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

<ul><li><keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>’s IPO surpasses Coal India’s IPO that was executed in October 2010.</li><li>Paytm’s GMP was at <a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms" data-type="tilCustomLink"> ₹20 lower than the issue price of ₹2,150</a>, on November 17.</li><li>The company listed at a market cap of $17 billion, even though it sought a valuation of $19.9 billion. </li><li>The Vijay Shekhar Shama-led company has raised ₹18,300 crore through this public issue.</li></ul><keyword id="181441" type="General" weightage="20" keywordseo="One97-communications" source="Orion">One97 Communications</keyword>, the parent of the digital payments giant Paytm, made its debut on the stock exchange on Thursday at ₹1,955 on the Bombay Stock Exchange. This is 9% lower than the issue price of ₹2,150. And, analysts at Macquarie have warned that the stock may go down a lot more before it becomes attractive. Analysts at Macquarie, a global investment bank, have set the target price for Paytm at ₹1,200, that’s 44% below the price at which IPO investors got their shares. Macquarie cited the high price of the IPO and the intense competition from the likes of Amazon, Google and Flipkart for its pessimism around Paytm. “People ask me how do you raise money at such a high price? I say, I don’t raise money on a price but I raise money on a purpose,” said One97 Communications founder and chief executive (CEO) Vijay Shekhar Sharma in his address before the listing ceremony at the BombayStock Exchange. Paytm's shares were trading at ₹1,673 at 12:22 p.m., a discount of nearly 22%. The closing price for November 18 was ₹1564, which is 27% below the issue price. Paytm is still bigger than Britannia, Bajaj Auto and Zomato The Noida-based Paytm listed at a market cap of ₹1,26,737 crore ($17 billion), which is nearly $3 billion lower than the $19.3 billion-$19.9 billion valuation of the public issue. The fear around the price had set in long before the listing. Paytm’s grey market premium (GMP) — a price at which the share prices are being traded at in the grey market — tumbled down from ₹130 on the first day of bidding on November 8 to a negative ₹30 on Wednesday (November 17). This means that the traders in the grey market are willing to buy the shares at ₹2,130, about ₹20 lower than the issue price. The initial public offering (IPO) by Paytm — owned by Vijay Shekhar Sharma-led One97Communication — is the biggest public issue India has ever witnessed and it surpassed Coal India’s public issue worth ₹15,000 crore executed a decade ago. <div type="twitter" handle="vijayshekhar" handlename="Vijay Shekhar Sharma" image="http://pbs.twimg.com/profile_images/813598012173754368/MnHjJnCv_normal.jpg" favoritecount="2066" retweetcount="103" status="Man, I can feel for our cricket team! So many messages, wishes, &amp; kind words. Feels like carrying the hopes and as… https://t.co/B4Wtq8SBiK" createdat="1637199725000" id="1461147669900922888"></div> The company has raised ₹18,300 crore from this public issue, of which ₹8,300 crore was raised as a fresh issue. The remaining ₹10,000 crore was raised as offer for sale (OfS), giving partial exits to Alibaba’s Ant Group, Softbank and others. Experts ask investors to wait it out before investing in Paytm's shares Fresh investors should not invest in Paytm at the moment but wait for another 15 days for the stock to consolidate, Kranthi Bathini, Director - Equity strategy at WealthMills securities, told Business Insider. “Serious investors need to wait for a couple of earning quarters and not jump into stocks like what happened in Nykaa,” he added. Nykaa — which had a stellar debut on the stock market last week — crossed the ₹1 lakh crore market cap on the first day of listing. However, the company’s revenue declined to <a href="https://www.businessinsider.in/business/startups/news/nykaa-will-spend-its-ipo-money-on-setting-up-retail-stores-and-repaying-loans/articleshow/84996894.cms">₹1.2 crore in the July to September quarter,</a> which is significantly lower than ₹27 crore it reported in the same quarter last year. Paytm received bids for 9.11 crore shares versus the 4.83 crore shares up for sale, which means that the issue was oversubscribed by 1.8X. About a third of Paytm’s IPO shares were undersubscribed<a href="https://www.businessinsider.in/business/startups/news/paytm-ipo-subscription-day-2/articleshow/87608830.cms"> until the second half of the third day of bidding</a>, on November 10. And, the grey market price of the shares kept declining. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue Size </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bids Received </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.83 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 9.11 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">63 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">147 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nykaa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.64 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">216 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PolicyBazaar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.45 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57.24 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paras Defence </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71.40 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">217.26 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 2,751 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71.92 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Stock exchange SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms" data-type="tilCustomLink">Paytm is likely to list below IPO price and experts advice serious investors to wait a while before buying</a> <a href="https://www.businessinsider.in/business/corporates/news/itc-reportedly-plans-to-spin-out-it-business-itc-infotech/articleshow/87758056.cms">ITC has a ₹2,500 crore IT business hiding in plain sight and that makes the street go Yippee!</a> <a href="https://www.businessinsider.in/business/startups/news/used-car-startup-cars-24-not-in-a-hurry-for-ipo-like-droom-and-cartrade-com/slidelist/87743891.cms">INTERVIEW: The CEO of the biggest startup in the used car e-tail explains why he is skipping the 2021 IPO frenzy</a>

Paytm's shares fall 27% on the first day of listing and it may fall even further, warn analysts

<keyword id="3519905" type="General" weightage="20" keywordseo="paytm-ceo" source="Orion">Paytm CEO</keyword> <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> has said that macro conditions have affected global fintech companies, including <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, but the fintech industry will soon bounce back, driven by payments revenue. Speaking at IAMAI's 'India Digital Summit 2022', Sharma said, "We are a payments company and everyone understands it and payment has a derivative revenue line item in financial services and is driven by credit." "The success of Paytm will depend on what we do with monetisation, led by financial services. Payment is a revenue line item which is growing massively," he emphasised on Wednesday. Sharma said that globally, we probably went in at a time (for the public IPO) when QE, free money and many other parameters brought in a little bit of spookiness into the market, in terms of pricing. "Some South American companies are 70 per cent down. Well, that's not the reason for it completely, that's a macro reason," Sharma said. Globally, fintech players and emerging market players saw weak support from the markets as PayPal, Afterpay, Affirm, Square and many others were down almost 30 per cent on an average. Most recently, Grab, the Singapore-based company, made its market debut and is also a 'super app' saw its share price drop by over 20 per cent on listing day. Paytm made a big bang debut in the stock market. The company's $2.5 billion IPO was not just India's largest but also the largest APAC fintech IPO ever and also the second largest fintech IPO of 2021 globally. Overall, <keyword id="8069901" type="General" weightage="20" keywordseo="paytm-ipo" source="Orion">Paytm IPO</keyword> is the fourth largest fintech stock debut. "Paytm, which opened at an offer price of Rs 2,150 braved the markets on a tough day and its share price was also impacted. But Paytm came out stronger than how most other fintech companies fared during the same time," said Dr Ravi Singh, Research Head, Share India. Analysts at JP Morgan, Goldman Sachs and Morgan Stanley have assigned a 'BUY' rating to the Paytm stock with a target price of Rs Rs 1,630-Rs 1,875. The company during its second quarter earnings results showed how its revenue grew by 64 per cent on a yearly basis to Rs 10.9 billion. During the July-September quarter, Paytm saw its contribution profit grow to Rs 2.6 billion in Q2 FY 2022, year-on-year increase of 592 per cent. The contribution margin jumped to 24.0 per cent of revenue from 5.7 per cent the previous year. "Paytm has grown to be a financial services giant, which brings with it more monetizable opportunities. The share price of the company will correct itself as the company grows as has been seen in the market journey of US tech companies like Facebook and Tesla," said Singh. The company in a recent filing said that its lending business saw 4.4 million loan disbursals through the platform (y-o-y growth of 401 per cent), and value of Rs 21.8 billion (run-rate of $1.2 billion) (y-o-y growth of 365 per cent). The company's GMV for Q3 FY 2022 stood at Rs 2,501 billion ($33.6 billion). "Year-to-date GMV is already higher than all of FY 2021 , led by significant non-UPI GMV growth," said the company in its regulatory filing. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/zomato-offers-12-lakh-insurance-grant-to-family-of-delivery-executive-killed-in-a-road-accident/articleshow/88874578.cms" data-type="tilCustomLink">Zomato employees will contribute ₹12 lakh to the family of delivery partner who was killed in a road accident</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-will-deliver-stuff-on-tvs-motors-electric-scooters-following-footsteps-of-zomato-amazon-and-flipkart/articleshow/88872404.cms" data-type="tilCustomLink">Swiggy will deliver stuff on TVS Motors’ electric scooters</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms" data-type="tilCustomLink">TCS vs Infosys vs Wipro Q3 results – here’s how India’s three IT giants stack up against each other</a>

Global market conditions affected Paytm's IPO: Vijay Shekhar Sharma

Paytm, CCD and Reliance Power — here’s a list of companies that had the worst stock market debut ever

<ul><li>Fino plans to raise ₹300 crore through fresh issue and ₹1000 through secondary issue.</li><li>It had filed its draft red herring prospectus (DRHP) in July 2021.</li><li>Paytm too was reportedly supposed to get its approval today, but the application is still under process.</li><li>Fino, SEBI has also approved the IPO of Kerala-based vehicle dealer Popular Vehicles</li></ul>India’s market regulator Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of Fino Payments Bank on October 4. The company plans to raise <a href="https://www.businessinsider.in/business/news/fino-payments-bank-files-rs-1300-cr-ipo-papers-with-sebi/articleshow/84924587.cms">₹1,300 crore </a>through this public issue. About ₹300 crore will be raised through the fresh issue, while the rest ₹1,000 crore will be through the secondary issue, offering partial exit to existing shareholders. The company had filed its draft red herring prospectus (DRHP) in July 2021. Founded in 2007 as Fino Fintech Foundation Limited, the company rebranded itself to Fino Fintech Private Limited in 2015. The company was granted in-principle approval by the Reserve Bank of India (RBI) to establish a payments bank the same year. Though, it commenced operations in June 2017. Rishi Gupta is the managing director and chief executive officer of Fino Payments Bank, and was one of the founding members of the Fino Paytech. According to a Zee Business <a href="https://twitter.com/zeebusiness/status/1444944671671611397?s=24">report</a> published earlier today, SEBI was likely to give approval to FIno and One97 Communications, the parent company of digital payments giant Paytm. However, the One97 Communications’ request is still being processed by the market regulator. According to sources, Paytm is likely to get the approval for its IPO this week. The company plans to raise <a href="https://www.businessinsider.in/business/news/paytm-has-filed-for-2-2-billion-ipo/articleshow/84465551.cms">₹16,600 crore </a>($2.2 billion) through this public issue. About half of it would be a fresh issue. Along with Fino, SEBI has also approved the IPO of Kerala-based vehicle dealer Popular Vehicles, which intends to raise ₹700 crore. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms">Byju’s has raised $1.3 billion this year to so far in pursuit of its American dream</a>

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Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

PTI

Vijay Shekhar Sharma: The controversies of the architect of fintech

PTI

Paytm's shares fall 27% on the first day of listing and it may fall even further, warn analysts

Kritti Bhalla

Global market conditions affected Paytm's IPO: Vijay Shekhar Sharma

IANS

Paytm, CCD and Reliance Power — here’s a list of companies that had the worst stock market debut ever

Kritti Bhalla

SEBI approves Fino Payments Bank’s ₹1,300 crore IPO, Paytm next in line

Kritti Bhalla

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