Kiara Advani
Paytm board unanimously approves buyback of its equity shares from open market
The company will undertake a buyback of up to Rs 850 crore (excluding buyback taxes and other transaction costs) at a maximum price of Rs 810 per share and has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of 6 months.
Paytm lending business at annualised run rate of $4.8 bn, disburses 6.8 mn loans in Oct, Nov
The company's annualised run rate for the loan distribution business is now Rs 39,000 crore ($4.8 billion.) In the two months, Paytm has distributed 6.8 million loans (y-o-y growth of 150 per cent), aggregating to loan disbursements of Rs 6,292 Cr ($774 million, y-o-y growth of 374 per cent).
Paytm buyback shows firm believes shares are below intrinsic value, just how Berkshire Hathaway did it in the past
Paytm's announcement has been welcomed by investors and analysts as the company's stock surged sharply during Friday's trading session. While the details of the buyback will be disclosed by the company after the board meeting, social media is already abuzz with speculations about Paytm's move, with some even comparing the company's proposed move to Warren Buffet's Berkshire Hathaway, a top US multinational conglomerate.
Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions
At the top, the UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year, according to Worldline India's 'Digital Payments Report' for the third quarter.
Paytm Payments Services Ltd to resubmit application for authorisation to provide payment aggregator service
The company said that it has received a letter from the RBI in response to an application from PPSL for the authorisation to provide payment aggregator services ("PA application") for online merchants. The company can now resubmit the application within 120 calendar days for the payment aggregator services.
Paytm Payments Bank supports UPI market cap, maintains leadership as PSP & Issuer Bank
The Bank continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022.
Macquarie's comparison of Jio Financial Services with Paytm an assumption made too early
To date, Paytm has seen competition from the likes of WhatsApp, Amazon Pay, PhonePe and Google Pay but so far, none of them have managed to usurp the company's leadership across payments and financial services. Even Macquarie, in its note, said that it is "too early" to understand Jio's current financial services entry, but was quick to make an early comparison with leaders like Bajaj Finance and Paytm.
New-age Indian internet firms continue to bleed as startup IPO dream over
In the last 16 months or so, five of such startup/unicorn's initial public offerings - Paytm, Zomato, Nykaa, Delhivery and Policybazaar - have gone through a bloodbath, shedding more than $18 billion in value. VC firm Lighthouse India Fund III has sold 3 crore Nykaa shares worth Rs 525.39 crore in a bulk deal, as the lock-in period expired for the pre-IPO investors.
UPI payment apps may impose transaction limit
Soon users may not be able to make unlimited payments via UPI payment apps. The National Payments Corporation of India (NPCI), which operates the UPI digital pipeline, is in discussions with the Reserve Bank about implementing its proposed December 31 deadline for limiting player volume to 30 per cent.
SoftBank to sell $215 mn worth stake in Paytm as lock-in ends: Reports
CNBC-TV18 reported, citing sources, that the Japanese investor is offering to sell 29 million shares in the digital payments and financial services company at Rs 601.45 apiece. The move comes as Paytm's lock-in for pre-IPO investors ends later this week. At Rs 601, Paytm's shares are currently trading at least 70 per cent below its IPO price. According to reports, SoftBank invested some $1.6 billion in Paytm. It took out up to $250 million in the company's IPO in November last year.
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