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 largest ever public concern, however he says he needed to overcome his father’s opposition to affix 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 internet price of no 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 instructed Reuters. Many, like Pandey, will turn out to be greenback millionaires when the corporate lists subsequent week.

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

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

He declined to present particulars, however the shares have been priced at Rs. 2,150  ($28.9) apiece on Friday. Pandey mentioned he could be price greater than $1 million.

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

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

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

When Pandey joined Paytm it was primarily a small funds firm with fewer than 1,000 workers. As we speak the agency has greater than 10,000 staff and gives a variety of companies from banking, procuring, film, and journey ticketing to gaming.

To have a good time, 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 individuals make cash, they transfer up in life,” Pandey mentioned.

Married and with two kids, he says that the windfall will enable him to work in startups the place he’s not solely targeted 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 youngsters’ training,” he mentioned. 

© Thomson Reuters 2021

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

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