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EXCLUSIVE: Payment startups Paytm, Pine Labs planning to list in FY22

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EXCLUSIVE: Payment startups Paytm, Pine Labs planning to list in FY22

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Payment startups Paytm and Pine Labs are planning to list on market bourses in FY22, sources told CNBC-TV18.

Payment startups Paytm and Pine Labs are planning to list on market bourses in FY22, sources told CNBC-TV18. While Pine Labs is planning a US listing, Paytm will be listed in India.
Pine Labs aims to raise around $5 billion through the issue, the sources said. Incorporated in Singapore, the firm is eligible for a direct overseas listing. Meanwhile, the sources added that PayTm is exploring all options but is keener on an Indian listing.
Paytm's last round of funding was in December 2020, where the company was valued at over $16 billion. Pine Labs, on the other hand, was valued at $2 billion in its last round of funding.
However, Paytm and Pine Labs have not offered any direct comment to CNBC-TV-18's query.
Earlier this month, Paytm applied for NUE (New Umbrella Entity) in a consortium with players including ride-hailing platform Ola, as part of its efforts to develop more innovative and inclusive digital payments solutions for the Indian population.
In August last year, RBI had released a framework for authorisation of an umbrella entity for retail payments in the country and had invited applications from desirous entities by February 26, 2021. After requests from various stakeholders including the Indian Banks’ Association for extending the deadline in view of the pandemic, the Reserve Bank of India had extended the deadline to apply for NUE to March 31.
The digital payments firm also crossed 1.2 billion monthly transactions driven by high growth in offline payments and financial services. The company said that it maintains the highest market share in offline merchant payments with 15 percent month-on-month growth.
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