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Tag: paytm

Zomato or Paytm? Which Stock is Good For Long Term
Market

Zomato or Paytm? Which Stock is Good For Long Term

Investing in stocks can feel a bit like peeking behind the curtain of a magic show. You know there's something fascinating going on, but you're just not sure how it all works. As a self-proclaimed stock market enthusiast, let me be your guide in this magic show, particularly focusing on two hot Indian stocks - Zomato and Paytm. Analysing Zomato: A Hearty Meal for Your Investment Back in the day, hunting for good food involved a bit of a treasure hunt. Luckily, with apps like Zomato, the treasure comes to us. But let's look beyond the plate—should we be hunting for Zomato stocks? In July 2021, Zomato was listed on the stock exchange. Even in its infancy, the stock looked promising, with an overwhelming response from the market. As an online food delivery service, Zomato has a sign...
Food delivery platform Zomato’s IPO Oversubscribed
Market

Food delivery platform Zomato’s IPO Oversubscribed

Bengaluru, Jul 14th, 2021: India's leading food delivery platform Zomato's initial public offering was oversubscribed on an opening day with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crores, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid. Non-institutional investors put in bids for 13 percent against their reserved portion while 38.88 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. Of the 38.09 crore shares sought by QIBs, over 36.84 crore was by foreign institutional investo...
Paytm to file DRHP for $2.3 billion IPO on July 12
Market

Paytm to file DRHP for $2.3 billion IPO on July 12

New Delhi, 5th July 2021: India's leading payment service provider which accounts for around 60% of online payment transactions Paytm will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, as per the reports by Reuters. The money will be raised via the sale of Paytm stocks in the Indian stock market at an expected valuation of $24 billion to $25 billion with an option to raise more amount at a later stage. One97 Communications Ltd, the parent of Indian payments firm proposed a $2.3 billion IPO, that will make it India's third-biggest public listing after Coal India in 2010 and Reliance Power in 2008. The prospectus will be filed shortly after Paytm's extraordinary general meeting (EGM) of shareholders in Del...
Indian Fintech Companies Raises $2.7 billion in 2020
INDIA

Indian Fintech Companies Raises $2.7 billion in 2020

Mumbai, Feb 27th, 2020: Despite the pandemic-induced disruptions, venture capital funds pumped USD 2.7 billion into domestic fintech companies in 2020, the second-highest fund infusion into the sector since 2019 when it had peaked at USD 3.5 billion, according to a report. The biggest investments were into Bengaluru-based payments firm Navi Technologies at USD 397.9 million from angel funds, Noida-based Pine Labs attracted USD 300 million from private equity players, and Razorpay received USD 100 million from GIC of Singapore, Sequoia and others, making it a unicorn. As against this, global fintech investments stood at a whopping USD 105 billion across 2,861 deals in the year, the third-highest annual total ever, as per the data collated by KPMG India. Despite pandemic challenges...
PhonePe Raises $700 million at $5.5 billion valuation
FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, w...
The Story behind Paytm App delisting from Google Play Store
BLOGS

The Story behind Paytm App delisting from Google Play Store

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Note: The article was written by Paytm Team on its blog first and we copied the article and published it here. The article represents their side of views. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Suddenly UPI cashback is called an “Online Casino” by Google. On Friday, 18 September 2020, India’s most preferred payments and financial services app – Paytm w...
Paytm Launches its Own App Mini Store after Google Hit
News

Paytm Launches its Own App Mini Store after Google Hit

New Delhi, 5th Oct 2020: India's leading payment app Paytm has launched its own mini-app store to support local app developers after Google ban its payment app without sending an official email to the company. Paytm being temporarily removed from Google’s Play Store on 18th September for violating developer guidelines. Also, Google proposes a 30% commission from the Indian app developers through its in-app billing system but facing backlash Google delays this decision to April 2022. Paytm in its official statement said, the mini-app store will help developers take their products to the masses and is providing listing and distribution of these mini-apps within its app. More than 300 apps, including Decathlon, Ola, Rapido, Netmeds, 1MG, Domino’s Pizza, FreshMenu, NoBroker, have joi...
Paytm & Its founder acquires insurance company Raheja QBE
ACQUISITION

Paytm & Its founder acquires insurance company Raheja QBE

Mumbai, July 6, 2020: Leading digital payments platform Paytm & its founder Vijay Shekhar Sharma acquire Mumbai-based private sector general insurance company Raheja QBE. Started in 2009, Raheja QBE is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia's largest insurers. Prism Johnson Ltd approved divestment of its entire holding of 51 percent in Raheja QBE General Insurance Company Limited (RQBE) to QORQL Private Limited, a technology company with majority shareholding by Sharma and the remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of around $40 million (Rs 289.68 crore). "It is an important milestone in Paytm's financial services journey and we are very excited to welcome Raheja QBE Gene...
Google faces Antitrust case in India over payments app
INDIA

Google faces Antitrust case in India over payments app

NEW DELHI (Reuters) - India’s antitrust body is looking into allegations that Alphabet Inc’s Google is abusing its market position to unfairly promote its mobile payments app in the country, five sources familiar with the case told Reuters. The complaint was filed in February and the Competition Commission of India (CCI) has kept the identity of the complainant confidential, the first source with direct knowledge of the case said. The complaint alleges the U.S. tech giant more prominently showcases its Google Pay app inside its Android app store in India, giving it an unfair advantage over apps of competitors which hurts consumers, the source added. Google did not respond to a request for comment. Two of the sources said the watchdog informed Google about the case being filed a f...
Paytm collects Rs 100 cr contributions for PM-CARES Fund
INDIA

Paytm collects Rs 100 cr contributions for PM-CARES Fund

Digital payments platform Paytm said contributions for the PM-CARES Fund for the COVID-19 crisis have crossed Rs 100 crore on its platform. Paytm had earlier announced it aims to contribute Rs 500 crore to the PM-CARES Fund. It had said for every contribution or any other payment made on Paytm using the wallet, UPI or Paytm Bank debit card, it will contribute an extra up to Rs 10. "In a little over 10 days, contributions have crossed Rs 100 crores on the Paytm app and the initiative is still going strong," Paytm said in a statement on Saturday. The company said its employees have also come together and contributed their salaries for the fund."Over 1,200 employees have contributed their 15 days, one month, two months to even three months' salary for this noble cause," the statemen...
Indian Payment Apps Hit Amid Yes Bank crisis
INDIA

Indian Payment Apps Hit Amid Yes Bank crisis

As Yes Bank went into moratorium, many Indian digital payment platforms bore the brunt on Friday as transactions were disrupted, including Walmart owned PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for...
Paytm Employee in Gurgaon Tests Positive for Coronavirus
News

Paytm Employee in Gurgaon Tests Positive for Coronavirus

A Paytm employee in Gurgaon has tested positive for the novel coronavirus, the company said in a statement on Wednesday, advising its employees to work from home for the next couple of days. It said the infected employee had recently returned from a vacation in Italy, one of the worst-hit countries. The leading digital payments firm has advised all its employees to work from home for the next couple of days while the Gurgaon unit gets sanitised, the statement said, adding its daily operations will not be impacted. "One of our colleagues based out of Gurgaon office who recently returned from Italy post a vacation has sadly been tested positive for Coronavirus. He is receiving appropriate treatment. As a precautionary measure, we have suggested his team members to get health tests ...