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Paytm to start planning IPO in 22-24 months, says CEO Vijay Shekhar Sharma
Posted on 6th September 2019
Paytm will start preparations for an initial public offering (IPO) in the next 22-24 months, its founder and CEO Vijay Shekhar Sharma said at the HT-Mint Asia Leadership Summit in Singapore on Friday.

The Indian e-commerce and digital payments giant last disclosed raising $300 million from Warren Buffet’s Berkshire Hathaway in 2018. Its valuation has skyrocketed to $15 billion, Sharma recently told Mint.

Paytm’s parent company One97 Communications is India’s most valuable unicorn, or privately held startup with a valuation of $1 billion or more. Its backers include Masayoshi Son’s SoftBank Vision Fund, and Alibaba Group’s Ant Financial.

Sharma noted that while a public listing is ‘inevitable’, it has yet to construct a roadmap for it because he wants the firm to generate more cash before entering the public market.

“I’d prefer to see a 5% reduction in margins right now, maybe 10% incremental, so maybe two years? I’m talking free cash, not profitability. I make money, but I’m looking to make free cash, and then I’ll go [list]. When I’m comfortable issuing bonds that I can sell in five years, then I’ll go [list]," he said.

He added that India is going through a “golden age of entrepreneurship" and considers himself “lucky" to be born in such a period where small founders get to build big businesses in the market.

“We've seen large businesses in the country. But this is the age in time when we are able to build young companies, create massive amount of value for company shareholders, and produce great solutions to problems in India," said Sharma.

India’s venture capital and startup ecosystem has grown significantly, drawing the attention of both local and foreign investors in recent years.

According to Venture Intelligence, Indian startups raised a record $3.9 billion from VCs in the first half of calendar year 2019. The figure surpasses the full year figure for 2016 and 2017, indicating a surge in investor confidence, buoyed by post-election optimism and Flipkart’s $16-billion exit to Walmart last year.

Related Companies: Paytm   

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'I bow to 130 crore citizens of India': Modi pens letter to countrymen on first anniversary of NDA 2.0 govt
Posted on 30th May 2020
As the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government at the Centre completes one year of its second term, the premier himself has penned a letter to the citizens of India, addressing the pulse of the country. In his letter to the people of the country, Prime Minister Modi stated that the nation has progressed rapidly in this tenure, listing several big decisions, historic achievements, and initiatives taken by his government during this time. However, the Prime Minister also acknowledged that migrants, labourers and other sections of the society have undergone tremendous suffering during the ongoing coronavirus disease (COVID-19) pandemic outbreak.

Half of India's population will have COVID-19 by end of year: NIMHANS
Posted on 30th May 2020
Medical practitioners at the National Institute of Mental Health & Neurosciences (NIMHANS) have now posited that the coronavirus disease (COVID-19) case count in India will keep on increasing even after the fourth phase of the nationwide lockdown ends and that about 67 crore Indians, that is, almost half of the country's population, is estimated to be infected with the virus by the end of this year.

The doctors have, however, said that it is likely that about 90% of these infected people would not even know that they are coronavirus-positive since the symptoms do not show up in all the affected patients.

Tremors in Delhi, Noida, Gurugram; earthquake epicentre in Haryana's Rohtak
Posted on 30th May 2020
Tremors were felt in Delhi-NCR and nearby parts of north India on Friday evening.

The earthquake was felt at 9:08 pm and netizens took to social media platforms to share their experience.

Many people confirmed having felt tremors for several seconds. However, there was no report of any damage.

Minneapolis cop arrested in connection with black man's custody death
Posted on 30th May 2020
After three days of protests and riots, a former Minneapolis police was arrested on Friday in connection with the death of a black man in custody.

In a video recorded on Monday that has gone viral and has triggered massive protests in Minnesota's largest city showed officer Derek Chauvin pinning his knee on George Floyd’s neck for minutes and the man pleading to let him breathe. Floyd died soon after in police custody.

GDP growth in 2019-20 slows to 11-year low of 4.2%, Jan-Mar growth dips to 3.1%
Posted on 30th May 2020
India's economic growth slipped to 3.1% in the January-March quarter while the GDP growth for 2019-20 slowed to an 11-year low of 4.2%, government data showed on Friday.

According to data released by the National Statistical Office (NSO), the gross domestic product (GDP) had expanded by 5.7% in the corresponding quarter of 2018-19.

In 2019-20, the Indian economy grew by 4.2% against 6.1% growth rate in 2018-19.

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