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1. Paytm plans India’s biggest IPO, looks to raise $3 billion
Paytm, India’s largest online payments company, plans to raise as much as $3 billion by selling shares to the public by the end of this year.
Paytm may be valued at around $24 billion in India’s biggest IPO.
The company has raised more than $4.4 billion in equity funding so far. Ant Financial holds almost 30% in One97 Communications, followed by Japan-based SoftBank (20%), Elevation Capital (18.56%), and founder Vijay Shekhar Sharma owning almost 14%, in the company he founded back in 2010.
Paytm plans India’s biggest IPO, looks to raise $3 billion
2. Facebook, WhatsApp, Google and other internet giants comply with India’s IT rules
Google, Facebook, Telegram, LinkedIn and Tiger Global-backed Indian startups ShareChat and Koo have either fully or partially complied with the South Asian nation’s new IT rules, according to two people familiar with the matter and a government note obtained by TechCrunch.
India’s new IT rules, unveiled in February this year, require firms to appoint and share contact details of representatives tasked with compliance, nodal point of reference and grievance redressals to address on-ground concerns.
The aforementioned firms have complied with this requirement, the government note and a person familiar with the matter said. The firms were required to comply with the new IT rules by this week.
Twitter has yet to comply with the rules
Facebook, WhatsApp, Google and other internet giants comply with India’s IT rules
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FanCode raises $50 mn funding from parent company Dream Sports Link
Ananth Narayanan’s Mensa Brands bags $50 Mn in Series A round Link
Indian startups are flush with cash amid rapid digitization Link
Blume Ventures plans $150 million fourth fund this year Link
Jai Kisan raises $30 Mn in Series A funding Link
Tiger Global leads funding in health insurance startup Plum Link
Meet India’s first crypto billionaires Link