![]() ![]() Nevertheless, Paytm currently has over 337 million users and is currently preparing for its initial public offering next week, seeking a valuation of US$20 billion. Over the years, however, other players like GPay and PhonePe have captured some of the market. The app gained massive popularity after the government announced the demonetization of INR500 and INR1,000 notes in 2016, creating a huge shift to online payments amid the hassles of acquiring cash during the transition. NSE (90165), BSE(6707) Regd office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi 110019. Founded in 2010, Paytm is a digital payments pioneer in India. NEW DELHI: Digital payments and financial services company Paytm which is coming up with its IPO later this month is likely to raise 1.1 billion (or Rs 8,250 crore) from anchor investors.Last month, finance ministry officials said that the crypto regulation bill could be introduced for discussions in the budget session of parliament in February next year. ![]() In the same month, the government set up a panel to study how crypto income could be taxed. IPO-bound Paytm mulls bitcoin offerings The fintech company said it will consider bitcoin offerings if India eased regulations surrounding the adoption of cryptocurrency services. Douglas Lehman Feagin, senior vice president at Ant Group has joined the board as an additional director, replacing Chinese national Eric Xiandong Jing, the chief executive of fintech conglomerate Ant Group. Reports in September suggested the government is looking to classify crypto as commodities in the asset class. IPO-bound Paytm has also made several changes to its board of directors recently. While there have been several reports about a blanket ban on cryptocurrencies for several years, finance minister Nirmala Sitharaman has reiterated over time that India will not shut out crypto altogether. Cryptocurrencies operate with regulatory uncertainty in India. Decoding IPO-bound Paytms Business Model: How Does It Earn Money Paytm has three key businesses - payment services, financial services and commerce and cloud.“If it was ever to become fully legal in the country, then there could be offerings we could launch which could benefit us and benefit users.” “Bitcoin is still in a regulatory gray area, if not a regulatory ban in India,” Deora said.India digital payments giant Paytm will consider launching crypto-related services if it becomes a regulated asset class in the country, Paytm CFO Madhur Deora told Bloomberg TV on Thursday. Initial public offering-bound One97 Communications Ltd, which owns Paytm, has received shareholder approval to expand its employee stock ownership plan (ESOP) pool, according to a regulatory filing by the company on Tuesday with the ministry of corporate affairs (MCA). ![]()
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