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<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>

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

<ul><li>About ₹8,300 crore will be through fresh issues and the remaining 50% would be secondary issues.</li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> may also consider a pre-IPO placement, which will reduce the fresh issue size.</li><li>This will be India’s biggest IPO so far, surpassing Coal India that raised ₹15,000 crore via IPO in 2010.</li></ul>Digital payments firm Paytm has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI), for its ₹16,600 crore ($2.2 billion) initial public offering (IPO) scheduled for this year. About ₹8,300 crore ($1.1 Bn) will be through a fresh issue and the remaining 50% would be secondary issues (offer for sale) to offer exit to existing investors. The price band for <keyword id="8069901" type="UNKNOWN" weightage="20" keywordseo="Paytm-IPO">Paytm IPO</keyword> will be determined either at the time of filing at the time of filing the red herring prospectus (RHP) or prior to the IPO opening for subscription. This will be India’s biggest IPO so far, surpassing Coal India’s, which raised ₹15,000 crore in October 2010. Paytm may also consider a pre-IPO placement. “If the pre-IPO placement is completed, the fresh issue size will be reduced to the extent of such pre-IPO placement,” the digital payments giant has said in its DRHP filing. The company has appointed Morgan Stanley, Goldman Sachs, ICICI Securities, JP Morgan, Citigroup and Axis Capital as the book running manager for this IPO. Link Intime India Private will be the registrar to Paytm IPO. The development comes only a day after Paytm’s shareholders approved the company’s plans to raise<a href="https://economictimes.indiatimes.com/tech/startups/paytm-shareholders-approve-primary-raise-of-rs-12000-crore-via-ipo/articleshow/84341024.cms"> ₹12,000 crore </a>through fresh issue of shares. The shareholders have also allowed Paytm’s chief executive (CEO) Vijay Shekhar Sharma to be declassified as a promoter as he does not own the requisite 20 percent stake in the firm. Sharma, who founded One97 Communications in 2001, has 14.61% stake in the company. He will continue to be the chairperson, managing director and CEO of this digital payments venture. Paytm is one of the biggest digital payments companies in India with offerings across several digital modes of payments like unified payments interface (UPI), credit and debit cards payments. It also offers wealth management solutions through Paytm Money and banking services through Paytm Payments Banks. The company is currently valued at $16 billion, after <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-opens-next-chapter-at-paytm-as-it-raises-1-billion-from-t-rowe-softbank-and-others/articleshow/72217033.cms">raising </a>$1 billion in November 2019 from T Rowe Price, Ant Group and Softbank Vision Fund. According to several media reports, Paytm is expected to be valued somewhere between $25 billion to $30 billion post issue. SEE ALSO <a href="https://www.businessinsider.in/entertainment/news/the-political-flip-flops-of-superstar-rajinikanth-over-the-last-three-decades/articleshow/84463947.cms">The political flip-flops of Superstar Rajinikanth over the last three decades</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-worried-about-losing-its-it-talent-to-indias-unicorns/articleshow/84411946.cms">Infosys has a new headache — India’s unicorn boom</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-pre-bookings-start-july-15-at-499/articleshow/84441621.cms">Ola Electric kickstarts pre-bookings of its first electric scooter at ₹499</a>

Paytm files draft prospectus for a $2.2 billion IPO

<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

<ul><li><keyword id="696009" type="COMPANY" weightage="20" keywordseo="Policybazaar">Policybazaar</keyword> is planning to raise ₹6,000 crore through its IPO</li><li>Softbank will be taking a partial exit from the company through this public issue</li><li>Policybazaar is one of the biggest beneficiaries of the boom in India’s insurance sector.</li></ul>If you have moved on from the craze around Zomato’s initial public offering (IPO), here’s another one that is likely to have the market swooning pretty soon. India’s largest online insurance aggregator ⁠— also the sixth largest fintech startup ⁠— the 13-year old Policybazaar is ready to raise ₹6,000 crore (about $850 million) from the market. <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;">Policybazaar IPO </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;">Details </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;">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;">₹6,017.5 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;">Fresh issue </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;">₹3,750 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;">Offer for Sale (OfS) or secondary share sale </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;">₹2,267.5 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;">OfS by </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;">SoftBank via SVF Python II </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;">Book running lead managers </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;">Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India </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;">Estimated valuation </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;">$5.5-6 billion (media reports) </td></tr></tbody><tbody></tbody></table> Source: Draft Red Herring Prospectus filed with the Securities and Exchange Board of India (SEBI) Policybazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups ⁠— the other one being Paytm ⁠— going for a public issue. 95% of Policybazaar’s revenue comes from commissions from insurance companies for selling policies. <div type="image" title="Policybazaar IPO: All you need to know the details of sixth largest fintech Startup" msid="84967470" hostid="261"></div> Bank of America estimates the market size for insurance technology at $6 billion where Policybazaar is a leading player. Global peers include companies like the US-based Slice and Lemonade. However, in India, only 4 in 100 Indians have any kind of insurance and, therefore, the headroom for growth is immense. The world average is 7.4. Insurance penetration in India, a year earlier, just before the pandemic, was an appalling 2.8. The last one year has been good for insurers. According to a survey by Policybazaar, the average sum insured for health insurance policies bought on the online insurance marketplace almost doubled to ₹22.4 lakh by March 2021 compared to ₹11.4 lakh a year earlier. The company sold 7.2 million insurance policies in the year ending March 2021, up from 5.9 million a year earlier. Policybazaar is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online. Private equity firm True North Co’s partner Haresh Chawla, in an exclusive interaction with Business Insider, recalled a conversation he had with one of the top three insurance companies in India, a couple of years ago. The management told him that almost 10% of their business came through Policybazaar. “I asked them, [say] there are 15 insurance companies in India. If for all 15 insurance companies, 10% market share or revenue is taken by PolicyBazaar, can you imagine when you add up the revenue for Policybazaar gets how big it becomes. And then the room fell silent. It's almost that the whole world situation is like the traditional companies are sleeping on these issues,” Haresh added. India has 57 insurance companies, 24 are in the life insurance business, while 34 are non-life insurers, according to the <a target="_blank" class="c-link" href="https://www.ibef.org/industry/insurance-sector-india.aspx">India Brand Equity Foundation</a>. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. However, that’s just potential. For now, Policybazaar is a loss making company, although the losses have more than halved compared to three years ago. <div type="image" title="All you need to know about the IPO from Policybazaar, India&amp;#39;s sixth largest fintech startup" msid="84967117" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms" data-type="tilCustomLink">EXCLUSIVE: India's largest zinc miner is eyeing a share of the Bangladesh economic boom</a> <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-agreed-to-buy-afterpay-which-has-a-buy-now-pay-later-service-for-29-billion-in-stock/articleshow/84962218.cms">Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stock</a> <a href="https://www.businessinsider.in/tech/news/twitter-offers-up-to-3500-to-people-who-can-help-fix-apparent-racial-and-gender-bias-in-its-image-cropping-algorithm/articleshow/84946710.cms">Twitter offers $3,500 reward to people who can help fix apparent racial and gender bias in its image-cropping algorithm</a>

All you need to know about the IPO from Policybazaar, India's sixth largest fintech startup

<ul></ul><ul><li><keyword id="5325646" type="PERSON" weightage="20" keywordseo="Ashok-Kumar-Saxena">Ashok Kumar Saxena</keyword>, who served as a director in <keyword id="2205155" type="PERSON" weightage="20" keywordseo="One-97-Communication">One 97 Communication</keyword> between 2000-2004, alleged that he had invested in the company for a 55% shareholding. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> in its submission to police confirmed that such a ‘letter of intent’ was signed, but it never materialised into a ‘definitive agreement’ as Saxena ‘lost interest’. </li><li>The digital payments giant has also reportedly claimed that allegations against Paytm are attempts to harass the company. </li></ul>Ashok Kumar Saxena, a former director in Paytm’s parent company One 97 Communications, is now urging India’s market regulator to stall the digital payments giant’s $2.2 billion initial public offering (<keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword>). Saxena alleges that he is the co-founder of One 97 Communications and had invested about $27,500 in the company about two decades ago. However, the company never transferred his 55% shareholdings to him, as per Saxena. At the centre of the argument is a one-page document signed by Saxena and Paytm founder and chief executive Vijay Shekhar Sharma in 2001. The document reportedly highlights that Saxena would get a 55% equity stake in Paytm's parent company One 97 Communications. The remaining 45% equity shares would be owned by Sharma. As per a media report, the former director of the company had reached out to market regulator Securities and Exchange Board of India (SEBI). According to a media report, Saxena had also reached out to Delhi police to file a complaint against the company, but no case was registered. However, Saxena has now reportedly approached a New Delhi court, urging the judge to direct the local police to register a case on his complaint. The court had ordered the police to respond and the matter will be heard on August 23, as per the media report. Business Insider was not able to reach out to Saxena immediately. The development was first<a href="https://www.reuters.com/business/exclusive-ex-director-seeks-stall-2-bln-paytm-ipo-company-calls-it-harassment-2021-08-12/"> reported</a> by Reuters. Paytm, in a legal document submitted to the Delhi Police, claimed Saxena's allegations against Paytm are attempts to harass the company, as per the Reuters report. The company has listed the dispute under 'criminal proceedings' in its draft red herring prospectus (DRHP) for its IPO. Paytm in the documentation submitted to the Delhi Police, has reportedly agreed that Saxena was one of the first few directors in the company who served between 2000 and 2004. However, a company source has denied that Saxena was the co-founder of One 97 Communications. The document was accessed by Reuters. Business Insider has reached out to Paytm seeking comments. We will be updating the copy if and when we receive a response. The digital payments giant states that Saxena did extend funds to the company, however, he gradually “lost interest”. The company also emphasised that the letter being referred above was merely a “letter of Intent” and not a formal agreement. Paytm has also mentioned this in its legal statement to the police. Saxena had started disassociating himself from the company after the document was signed and stopped attending board meetings, Paytm said in the legal statement. Therefore, the intent never reached a full agreement. Paytm in the legal document also stated that Paytm and Saxena had reached a private understanding and transferred the shares to an Indian firm. Saxena said he had never received any shares and there was no misunderstanding. "The shares and money are one thing, but I also want to be recognised as the co-founder," Saxena told Reuters. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms" data-type="tilCustomLink">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a>

Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue

<ul><li>Paytm’s board of directors will take a call on the declassification proposal on July 12, 2021</li><li>The fintech startup has made this move to meet all regulatory guidelines before submitting its IPO proposal</li><li>Paytm plans to raise $3 billion in the upcoming IPO, of which $1.6 billion will be a fresh issue</li></ul>Digital payments giant Paytm has moved a proposal to declassify <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> as the promoter of the company ahead of its $3 billion initial public offering (IPO). The company’s board of directors will consider the proposal at the extraordinary general meeting (EGM) to be held on 12 July, 2021. According to the EGM notice from One97 Communications, the parent company of Paytm, accessed by Business Insider, this move in order to meet the regulatory, commercial and statutory requirements before hitting the public market. According to Business Insider's previous <a href="https://www.businessinsider.in/business/startups/news/paytm-has-appointed-goldman-sachs-and-jp-morgan-as-the-bankers-for-its-upcoming-ipo/articleshow/83574242.cms">report,</a> the digital payments giant is planning to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) next month. The 21-year old firm ⁠— which started as a payments company and then went to add a payments bank, trading platform, online retail and games to its business ⁠— is looking to raise $3 billion, at a valuation of $25-$30 billion. About half of this, $1.6 billion, will be new shares and the remaining will be raised by existing investors who will sell their shares in the IPO. For this, the company has appointed Goldman Sachs and JP Morgan as the merchant bankers. It is also looking to appoint more merchant bankers and advisors such as Morgan Stanley and Citigroup Inc for the IPO. This could be the largest IPO in India, surpassing Coal India Ltd’s offering to raise ₹15,000 crore ($2 billion at current conversion rate) in 2010. Paytm has raised about $3.2 billion in total, so far, from marquee investors like Berkshire Hathaway, Alibaba Group and more. The company was valued at $16 billion in its last funding round raised in November 2019. The <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-opens-next-chapter-at-paytm-as-it-raises-1-billion-from-t-rowe-softbank-and-others/articleshow/72217033.cms">$1 billion </a>round had witnessed participation from T Rowe Price, Ant Group and Softbank Vision Fund. The Noida-based company currently competes, in payments, with Google Pay and Walmart-owned PhonePe, which too has been considering to hit the public market by 2023. Besides this, even food delivery app Zomato and online auto classifieds CarTrade have filed the DRHP for their IPO with the SEBI. These companies have appointed their respective CEOs<a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/zomato-limited-drhp_49956.html"> Deepinder Goyal (Zomato)</a> and <a href="https://www.sebi.gov.in/filings/public-issues/may-2021/cartrade-tech-limited-drhp_50134.html">Vinay Sanghi (CarTrade)</a> as the managing directors (MD) for the next five years. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a> <a href="https://www.businessinsider.in/tech/enterprise/news/oneplus-officially-announces-its-integration-with-oppo/articleshow/83596714.cms">OnePlus officially announced its integration with Oppo — this is what it could mean for users</a> <a href="https://www.businessinsider.in/careers/news/how-learning-foreign-languages-can-help-you-get-better-jobs/articleshow/83601709.cms">Learning foreign languages can help you get better jobs — here’s how</a> <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">Crypto’s ‘great mining migration’ has Chinese miners looking at Texas</a>

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

Kritti Bhalla

Paytm files draft prospectus for a $2.2 billion IPO

Kritti Bhalla

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

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