India: IPO-bound Paytm in talks to rope in ADIA, GIC as anchor investors

FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. REUTERS/Amit Dave

One97 Communications Ltd, which owns digital payments major Paytm, is in talks to rope in global sovereign wealth funds and financial firms including Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC Pte as anchor investors in its upcoming public issue.

According to a report in Bloomberg, global financial firms including BlackRock Inc. and Nomura Holdings Inc. are also in discussions to bid as anchor investors.

In July, One97 Communications had sought the markets regulator Securities and Exchange Board of India’s (Sebi) approval for its Rs16,600 crore (about $2.2 billion) initial public offering (IPO). While the draft preliminary prospectus was filed, the company is still awaiting approval from Sebi, the report said quoting sources.

The Vijay Shekhar Sharma-led Paytm is seeking a valuation of around $20-22 billion in the IPO based on initial investor feedback. The company is expected to get the market regulator’s approval this week and plans to launch share sale before this Diwali (November 4).

Paytm is the second most valuable Indian startup after edtech company Byju’s, which was reportedly valued at about $18 billion in its last fundraise. Some of the key investors in Paytm include Japan’s SoftBank Group Corp., Berkshire Hathaway Inc., and China’s Ant Group Co.

Paytm had narrowed its consolidated loss to Rs1,704 crore in 2020-21 from about Rs2,943.32 in 2019-20.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.