Paytm, one of India’s most valuable startups, plans to raise up to $2.2 billion in an initial public offering, it said in draft papers submitted to the country’s market regulator on Friday.
The Noida-headquartered firm — which is backed by Alibaba, Berkshire Hathaway, and SoftBank — said it will issue new shares worth $1.11 billion and offer sale worth of $1.11 billion.
The startup plans to use the fresh capital of $577 million to broaden its payments services offering and about $269 million to enter into new initiatives and explore acquisition opportunities, it said.
This is a developing story. More to follow…
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