- Paytm founder Vijay Shekhar Sharma’s wealth has nosedived more than $836 million after One97 Communications Ltd, the company he has taken public, nosedived 37% in two trading sessions since its market debut.
- Sharma, who founded the company in 2000, holds a 9.1% stake, or 60 million shares, in Paytm.
- Paytm said its monthly transacting users also grew by 35% to 63 million in October from 47 million a year ago.
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- Shares of recently listed One 97 Communications, the parent entity of digital payments firm Paytm, climbed nearly 10 per cent on Tuesday after declining for two consecutive days post their listing.
- The Paytm scrip rose 9.58 percent to end at Rs 1,489.80 apiece on the National Stock Exchange while on the BSE, it climbed 9.90 per cent to settle at Rs 1,494.95 per share.
- During the intraday trade, the stock had hit a high of Rs 1,525.00 on the BSE and NSE. Over 1.29 crore shares were traded on the NSE during the session while over 11.16 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.
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- Real estate renting and buying platform, NoBroker, on Tuesday said it has raised $210 million as a part of its Series E funding round led by General Atlantic, Tiger Global Management, and Moore Strategic Ventures.
- The round values NoBroker at $1.01 billion, making it the first property tech and real estate startup to achieve unicorn status.
- Over the next two financial years, real estate buying is expected to account for almost 60% of NoBroker’s revenues due to higher ticket sizes.
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- In an interaction with Moneycontrol, Ashneer Grover, whose firm recently got a small finance bank license, said Paytm gave Chinese investors their money back at the cost of the public market.
- Ashneer Grover has officially criticized Vijay Shekhar Sharma’s decision to “misprice” the fintech firm’s public offering, adding that a failed listing ends the frenzied cycle of IPOs in India.
- It saw the worst performance in recent history by tanking 27 percent to Rs 1,560 from the issue price of Rs 2,150 apiece.
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- It was a black day for Paytm, formally known as One 97 Communications, as the stock crashed 27.25 percent, the biggest-ever fall in a decade for any scrip on the listing day.
- Paytm registered the biggest-ever loss among IPOs that have been listed in the last 10 years.
- Paytm has raised Rs 18,300 crore from its public issue, the biggest-ever money raised by any company through IPO in the history of Indian capital markets.
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- After a weak listing, Founder Vijay Shekhar Sharma addresses the concerns of investors.
- The business model that is out there, which is that a payment company can expand to offer credit and other financial services is a model that is definitely out there and proven in many other parts of the world.
- I would say, hang in there, I have my heart out for you and at the same time, I would like to say our business model is robust and strong.
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- Fashion and cosmetics online retailer Nykaa’s net profit fell 96 percent to Rs 1.1 crore in the September quarter on a year-on-year basis and 69 percent, compared with the June quarter.
- The company said its gross profit margin improved 345 basis points to 39.3 percent in the September quarter, compared with the corresponding quarter of the previous financial year.
- The fashion segment’s contribution to consolidated GMV increased to 27 percent in Q2FY22, compared with 14 percent in Q2 of 2020-21.
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