HomeTech NewsPaytm's $2.5-Billion IPO Mints New Millionaires in India

Paytm’s $2.5-Billion IPO Mints New Millionaires in India


Indian electronics engineer Siddharth Pandey will turn out to be a millionaire after the nation’s greatest ever public difficulty, however he says he needed to overcome his father’s opposition to hitch fintech agency Paytm when it was a fledgling start-up 9 years in the past.

About 350 present and ex-employees will every have a web value of not less than Rs.1 core ($134,401.38) after Paytm’s $2.5 billion (roughly Rs. 18,589 crore) IPO, a supply within the firm informed Reuters. Many, like Pandey, will turn out to be greenback millionaires when the corporate lists subsequent week.

These rewards are big in a rustic the place the per capita revenue is beneath $2,000 (roughly Rs. 1,48,000).

Pandey, now 39, is not with the corporate and is working at one other start-up that he declined to determine. However he says his seven-year stint at Paytm left him with tens of 1000’s of shares.

He declined to offer particulars, however the shares had been priced at Rs. 2,150  ($28.9) apiece on Friday. Pandey stated he can be value greater than $1 million.

“My dad was very demotivating. He stated, ‘What is that this Paytime?!’,” Pandey informed Reuters, referring to the time he joined Paytm in 2013.

“‘For as soon as work in an organization individuals find out about,’ my father stated.”

“Now he (my father) is clearly very glad. He has simply requested me to remain grounded,” stated Pandey, who’s from Uttar Pradesh, the nation’s most populous state and one among its poorest.

When Pandey joined Paytm it was primarily a small funds firm with fewer than 1,000 employees. Immediately the agency has greater than 10,000 staff and affords a variety of providers from banking, procuring, film, and journey ticketing to gaming.

To have fun, Pandey says he took his father on a five-day luxurious journey to Udaipur, a well-liked vacationer vacation spot within the desert state of Rajasthan in September, spending roughly Rs. 4,00,000  ($5,376).

“Paytm has at all times been a beneficiant paymaster. Vijay (Sharma, the Paytm founder) has at all times needed that folks become profitable, they transfer up in life,” Pandey stated.

Married and with two youngsters, he says that the windfall will permit him to work in startups the place he’s not completely centered on his revenue and even assist him get again into lecturers.

“A part of the cash goes into my retirement fund and I’ll use a big a part of it for my children’ schooling,” he stated. 

© Thomson Reuters 2021

Disclosure: Paytm’s father or mother firm One97 is an investor in NDTV’s Devices 360.



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