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Economy November 8, 2021

Paytm launches India’s largest IPO

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Paytm, a pioneer of online payments in India, plans to raise $2.46 billion in its IPO on Monday. It is set to be the biggest public listing in the country’s history.

As part of the listing on the Bombay Stock Exchange, Paytm will issue new shares worth 83 billion rupees ($1.12 billion). In addition, existing shareholders will sell shares worth Rs. 100 billion, according to the prospectus filed with Indian regulators.

paytm ipo

In the offer, which begins Monday and ends Wednesday, Paytm will issue new shares at a price range of Rs 2,080 to Rs 2,150 per share ($28 to $29). Analysts expects Paytm value at $20 billion. This figure is up sharply from its previous valuation of $16 billion in November 2019.

The current IPO record belongs to Coal IndiaI, having reached the $2 billion in 2010. If $2.46 billion objective is met, Paytm would thus surpass this record.

Backed by big players.

Blackrock Fund and Canada Pension Plan Investment Board are among the key investors who have contributed to Paytm’s Rs 82.35 billion funding last week.

In July, Zomato, another tech startup, completed the largest IPO this year in India, with a $1.3 billion stock offering. Jack Ma’s Ant Group and Alibaba Group together own nearly 35% of Paytm.

Masayoshi Son, of Japan, holds 18.3% through his Softbank Vision fund. Paytm is also backed by Elevation Capital and Berkshire Hathaway.

Vijay Shekhar Sharma, a self-made billionaire who founded the company at 32 with a net worth of $2.4 billion according to Forbes, holds nearly 14% of the shares.

In a country traditionally dominated by cash transactions, Paytm quickly became synonymous with digital payments.
Moreover, the company has benefited from government efforts to reduce cash transactions, including the demonetization of almost all bank notes in 2016.

“I started using Paytm just before the lockdown,” grocery store owner Naina Thakur says. “I was unaware of the Coronavirus coming, but Paytm was very helpful during the pandemic.”

337 million customers.

According to filings with the stock exchange authorities, Paytm had 337 million customers by the end of June. It reports transactions worth more than $54 billion in 2020-21, making it the largest payment platform in India.

India’s digital payments have increased 16-fold in the past four years, from 1.6 billion transactions in 2017 to 26 billion in fiscal 2020-21.

For MetaNews.

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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Economy

Microsoft clearly engages in the metaverse using Q2 earnings call

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Satya Nadella, CEO of Microsoft, revealed his vision for the metaverse at the company’s Q2 2022 earnings call.

Overall, the company’s Q2 2022 filing showed a significant increase in cloud-based services. Microsoft reported $51.7 billion in revenue, a 20% increase over the previous year. Intelligent Cloud revenue was $18.3 billion, a 26 percent increase over the previous year. Azure drove a 29 percent increase in sales for server goods and cloud services. As well as a 46 percent increase in revenue for other cloud services.

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Among the trends noted by Nadella on the earnings call was a “structural shift in PC demand.”

According to Microsoft CFO Amy Hood, Windows revenue from PC manufacturers increased by 25%, which was “far over expectations”. She stated that demand was being driven by the PC market’s success, particularly in the commercial category.

According to an earnings call transcript obtained on the financial blog site Seeking Alpha, Nadella envisions the metaverse as the next wave of the Internet. “Just as the initial wave of the Internet has allowed anyone to construct a website, I believe the next wave of the Internet will be a more open world where people, whether companies, game developers, or anyone else, may create their own metaverse world,” he stated.

“The first place we see this is the increasing digitization of people, places, and things to truly enable organizations automate operations at the next level,” he explained. “So, today, we have a number of examples of customers engaging with us through Azure IoT, Digital Twins, and Mesh. So that’s what you’ll see in Azure, and we’re investing heavily on it.”

Nadella sees prospects for Dynamics 365 Connected Spaces further up the software stack. This in-development technology is to control physical operations in physical areas such as a store, a connected factory, or a building. “We now have a suite that powers entirely by connected spaces,” he explained. Microsoft’s goal, he noted, is to automate physical operations.

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Economy

Style.me introduces its wearable NFTs in the metaverse

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Style.me, the industry-leading 3D fashion technology company, has launched a new innovative offering that enables designers to become metaverse-capable creators. In addition this latest step extends the company’s solutions into the world of digital fashion and NFTs. Moreover building on its growing success in virtual fitting and styling.

Style.me

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The company Style.me mints and distributes fashion NFTs

Style.me creates and distributes fashion NFTs, allowing people to wear, share, and use them across the metaverse. In addition, the company gives its partners the ability to bring their physical collections into the digital realm through bespoke “phygital” experiences.

The company Style.me’s plug-and-play technologies will allow metaverse projects to make digital fashion accessible to their communities. New experiences, such as virtual runway presentations, exhibitions, and live events, will be possible for designers and companies.

Style.me, with its 3D and AR technologies, is at the forefront of making digital fashion more accessible

Fashion NFT utilities are now limited, and Style.me is at the forefront of making digital fashion more accessible with its 3D and AR technology.

Style.me’s President, Rufus Parkinson, stated. “Style.me’s mission has been to enable consumers to see and interact with fashion in the digital environment since its inception. We believe that digital fashion and NFTs will alter the industry by allowing us to leverage our patented technology to open up a new dimension of user experiences.”

Combined with blockchain technology and the rapid expansion of the metaverse, digital fashion will explode in the next few years. Morgan Stanley estimates that the premium digital fashion sector alone will reach $20 billion by 2030.

Style.me’s goods are already in high demand, with consumption rising 386 percent in the last year, and this additional fashion NFT offering offers up even more prospects for growth in the digital fashion industry.

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Economy

Metaverse: Tencent is updating QQ with the Unreal game engine

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According to an upgraded version of the program, Tencent Holdings has stealthily integrated the Unreal Engine video game engine into its increasingly obsolete QQ messaging network. Hence, analysts believe the move is part of the social media and gaming giant’s entrance into the metaverse.

metaverse tencent

According to LibChecker, a third-party app inspection tool, the Shenzhen-based company updated QQ last month. The new version, which was formerly a chat app, includes portions of the Unreal Engine video game engine.

Tencent launched a new app feature called Super QQ Show, which is a 3D interactive arena where users can socialize, watch shows, and play games, at the same time as the update. As a result, observers claim the move is Tencent’s latest attempt to establish a footprint in the metaverse.

Resuscitating QQ.

The decision also demonstrates Tencent’s commitment to resuscitate QQ, its second most popular messaging platform behind WeChat with 590 million monthly active users, which had fallen out of favor in recent years as Chinese netizens shifted their attention to short videos and other platforms.

In China, the metaverse is gaining traction. Although the country has not yet developed a national plan for the concept, like South Korea has, officials in some key cities have pushed businesses to investigate it. For example, one of four frontiers to explore in Shanghai’s future five-year plan is the metaverse.

The Super QQ Show is currently under testing by a small number of users. Tencent staff uploaded screenshots and video footage of the functionality. Which shows players dressing up their avatars in 3D, decorating their homes, and visiting others. Thus similar to Nintendo’s Animal Crossing video game franchise.

The Unreal Engine is utilized in successful games such as Bioshock and Mass Effect. Tencent owns a 40% share in Epic Games, which operates the engine in the United States. Last year, Epic Games was one of the first worldwide tech behemoths to make metaverse development a top priority. Epic’s flagship game, Fortnite, considered as one of the market’s leading metaverse initiatives.

For MetaNews.

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