Paytm elevates founder's brother Ajay Shekhar Sharma to CBO ahead of IPO: Report
Fintech giant Paytm has promoted Ajay Shekhar Shama, brother of Paytm's founder and CEO Vijay Shekhar Sharma, as the chief business officer ahead of the $2.2-billion IPO, Moneycontrol reported.
While the company did not comment on this escalation, as per Sharma's LinkedIn page he is the chief business officer of Paytm since August.
He will be functioning as the CBO of cloud business of One97 Communications, which provides cloud services to telecom companies and enterprises. Earlier he was senior vice president of the online payments company.
Paytm is targeting an initial public offering of Rs 16,600 crore by October end.
Paytm Money launches wealth, investment advisory marketplace on its platform
Digital payments and financial firm Paytm on September 9 announced that its wholly-owned subsidiary, Paytm Money, is launching a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors.
Paytm Money has partnered with startup WealthDesk to offer investment portfolios called ‘wealthbaskets’ as the first step to build up the advisory ecosystem.
A wealthbasket is a custom portfolio of stocks and exchange traded fund created by Securities and Exchange Board of India (SEBI)-registered investment professionals and users will be able to invest in multiple wealthbaskets via the free starter pack or by subscribing to premium monthly packs available, the company said.
"We have seen a surge in investment activity by Gen-Z and millennial investors on our platform over the last two years. Paytm Money is building an advisory marketplace that will be a one-stop shop to cater to the unique needs of this audience. WealthDesk is our first major partner in this journey," Paytm Money CEO, Varun Sridhar said.
With the expansion of the advisory marketplace, investors will get everything they need to invest and grow their wealth in one app, and will make Paytm Money a super app for wealth management in India.
"This is expected to have a major appeal for young and millennial investors, who constitute more than 70 percent of Paytm Money's user base," the company added.
WealthDesk founder and CEO Ujjwal Jain said the partnership with Paytm Money takes away the friction of percentage-based investment products and opens up wealth creation opportunities to every Indian.
Byju’s to accelerate IPO plans: Report
Edtech decacorn Byju’s is currently in talks to raise $400-$600 million ahead of its IPO in 2022, Bloomberg News reported.
The startup is aiming to file its initial IPO documents by the second quarter of 2022. It could also close its pre-IPO fundraising in the coming weeks at a valuation of $21 billion.
Meanwhile, the company’s bankers, including Morgan Stanley, Citigroup Inc and JPMorgan Chase, who are also involved in the current fundraising, are discussing a valuation of $40-50 billion. The decision will be taken based on the final results and investor demands, the report added.
The bankers have also suggested other fundraising alternatives, including an IPO in the US or a merger with a Special Purpose Acquisition Company (SPAC), although the options are less likely than the IPO in India.
Oyo joins hands with Microsoft to launch smart rooms for travellers: Report
IPO-bound hospitality firm Oyo and Microsoft have entered into a multi-year strategic alliance to develop travel and hospitality products such as smart rooms, as per a Moneycontrol report.
As part of this alliance, Oyo will develop smart room experiences for travellers such as customised in-room experiences. Using Microsoft’s Azure IoT, the experience will include self-check-in supported by a digital register of arrivals and departures and self-Know Your Customer (KYC) along with IoT-managed smart locks and virtual assistance.
The hospitality firm will also adopt Microsoft cloud solution Azure. The development happens following a $5-million strategic investment by Microsoft in the company.
The solutions will be geared to benefit patrons who operate small and medium hotel and home storefronts. Oyo will also begin to share existing workloads with Microsoft Azure, adopt the Microsoft 365 suite for better collaboration and productivity and switch to Github Enterprise for accelerating tech development in a secure manner, the report added.
In August, Microsoft had pumped in around $5 million in Oyo, valuing the IPO-bound hospitality firm at $9.6 billion.