India Fintech Patym Falls 23% in a Week After Ban to Accept New Clients,  Falls 50% from IPO $10 Billion to $5 Billion Market Value in 5 Months

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India Fintech Patym Falls 23% in a Week After Ban to Accept New Clients,  Falls 50% from IPO $10 Billion to $5 Billion Market Value in 5 Months

19th March 2022 | Hong Kong

India fintech Patym has been disallowed to accept new customers by India Central Bank Reserve Bank of India (RBI), with share price dropping 23% in a week and 50% from November 2021 IPO from $10 billion market capitalization to $5.08 billion (18/3/22) in 5 months.  Reserve Bank of India cited: “material supervisory concerns” and “restrictions will continue pending a comprehensive audit of its information-technology systems”.  Paytm:”The company is taking steps to comply, including the appointment of an external auditor … … Existing customers aren’t affected.”  Paytm is an India financial technology company which runs India popular payment app and similar to China Ant Group.

“ India Fintech Patym Falls 23% in a Week After Ban to Accept New Clients “

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India Paytm IPO with $10 Billion Market Value, Founder Becomes Billionaire with $2.4 Billion

(November 2021) Paytm, the India financial technology company which runs India popular payment app and similar to China Ant Group, has IPO on Bombay Stock Exchange with a market capitalisation of $20 billion on Thursday (18/11/21).  Listed as One97 Communications, the shares fell more 27% and had hit the the lower circuit breaker of 20%.  Vijay Shekhar Sharma, who founded Paytm in 2010, became a billionaire with estimated fortune of $2.4 billion.  The IPO raised $2.5 billion and existing investors include Softbank Vision Fund, Berkshire Hathaway, Ant Group and Alibaba Group.  (IPO ~ Initial Public Offering)

Paytm, Founded in 2010

Founded in 2010 by Vijay Shekhar Sharma, Paytm quickly grew to become a popular payment app in India.  Today, more than 20 million merchants & businesses are powered by Paytm to accept payments digitally.  More than 300 million Indians use Paytm to Pay at their stores, and Paytm App is used to pay bills, do recharges, send money to friends & family, book movies & travel tickets.

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