According to a source familiar with the matter at hand, Indian fintech giant Paytm has received regulatory approval from India’s capital markets regulator for its $2.2 billion stock market listing in what is slated to be India’s biggest ever IPO.
In the financial year ending March 31, 2021, Paytm narrowed its operating loss to $221.00 million (16.55 billion rupees) down from 24.68 billion a year earlier.
According to a source, Paytm is slated to break even in 18 months.
Ant Group, with a stake of around 30%, is Paytm’s largest shareholder.
Launched a decade ago as a platform for mobile recharging, Paytm grew rapidly after Uber listed it as a quick payment option. Its growth exploded after the 2016 ban on high value currency bank notes, which boosted digital payments.
Since then, the company has expanded into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.
($1 = 74.8880 Indian rupees)