INSUBCONTINENT EXCLUSIVE:
Paytm was last valued at $16 billion, according to unicorn tracker CB Insights.New Delhi: Paytm, the Indian digital payments pioneer backed
by Jack Ma's Ant Group Co., is considering scrapping the proposed Rs 2,000 crore ($268 million) share sale ahead of its initial public
offering over valuation differences, according to people familiar with the development.The firm had been seeking a valuation of above $20
billion based on initial investor feedback, while advisers on the deal recommended a lower pricing, some of the people said, asking not to
be named as the information is private
The company was last valued at $16 billion, according to unicorn tracker CB Insights.Formally called One97 Communications Ltd., Paytm hopes
to tap into strong investor demand fueled by easy liquidity that has buoyed India's blockbuster listings this year.The company had reported
a 10% drop in revenue during the year ended March 2021, after intensifying competition from Walmart Inc.'s Flipkart and Amazon.com Inc
cut its e-commerce and cloud sales by the same amount. A final decision hasn't been made and Paytm could still consider a pre-IPO sale
potentially at a lower valuation, the people said
Regulators are expected to approve the listing in coming days, some of the people said.Representatives for the company didn't respond to an
email seeking comment.Banks including Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc
are running the share sale.Paytm may consider a pre-IPO placement of as much as Rs 2,000 crore, it had said in the Draft Red Herring
Prospectus filed with the Securities and Exchange Board of India on July 16.
