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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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'Be more careful in future': SC closes contempt plea against Rahul Gandhi over 'chowkidar chor hai' remark
Posted on 14th November 2019
In a relief for Rahul Gandhi, the Supreme Court on Thursday closed a contempt plea filed by BJP MP Meenakshi Lekhi against the former Congress chief for wrongly attributing to the court his "chowkidar chor hai' slogan against Prime Minister Narendra Modi in the Rafale case.

The Supreme Court said, "Mr Rahul Gandhi needs to be more careful in future," for attributing to the court his remarks.


Schools shut today, tomorrow as air quality deteriorates in Delhi
Posted on 14th November 2019
The schools in the national capital will be closed on Thursday and Friday, the Delhi government announced on Wednesday.

The city’s air quality reached the higher end of the ‘severe’ category on Wednesday, even as the Centre’s Task Force, meant to advise on implementing the Graded Response Action Plan, recommended that schools be shut and industrial activities be curbed till November 15.


VST Industries hits new peak after Radhakishan Damani buys shares
Posted on 14th November 2019
Shares of VST Industries jumped up to 7.5 per cent to hit a new high of Rs 4,600 apiece on the BSE on Thursday, a day after Radhakishan Damani bought 2,70,000 shares at Rs 4,259.99 apiece on the BSE, according to bulk deal data. The data also showed HDFC Mutual Fund sold 273,706 shares at Rs 4,260 apiece.

At 10:53 am, the stock was trading at Rs 4,573.70, up nearly 7 per cent. In comparison, the S&P BSE Sensex was trading flat at 40,182 levels, up just 0.16 per cent.


Women's entry at Sabarimala: Supreme Court refers matter to larger bench
Posted on 14th November 2019
A five-judge bench of the Supreme Court on Thursday referred to a larger bench pleas seeking a review of its 2018 ruling that allowed menstruating women from entering the Sabarimala temple in Kerala.

Chief Justice Ranjan Gogoi, Justice A M Khanwilkar and Indu Malhotra said a larger bench will hear if the court can decide matter of religious practice. Justices R F Nariman and DY Chandrachud gave dissenting opinion.


'No inquiry needed': SC dismisses review petitions against its previous order on Rafale deal
Posted on 14th November 2019
The Supreme Court on Thursday dismissed Rafale review petitions against its December 14, 2018 judgement, after it was found to be without any merit.

The Supreme Court was due to deliver the verdict on the review petitions against its earlier judgment dismissing any corruption in the deal to purchase 36 Rafale fighter jets from a French company.


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