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Startup Street: Paytm’s IPO sees strong retail participation; edtech start-up Brightchamps raises $63 mn

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Startup Street: Paytm’s IPO sees strong retail participation; edtech start-up Brightchamps raises $63 mn

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Paytm's Rs 18,300-cr IPO opened today and was subscribed 0.18 times on Day 1. Also, edtech start-up, Brightchamps, raised $63 mn in funding. Startup Street caught up with Oracle's Shaakun Khanna to discuss the key findings of a study by Oracle and Workplace Intelligence, an HR research and advisory firm, on how HR teams can leverage Ai to help employees.

Paytm's mega Rs 18,300-crore initial public offering (IPO), the largest in the country so far, opened today, with the issue being subscribed 0.18 times on Day 1, while 78 percent of the retail portion was subscribed. The company has fixed the price band at Rs 2,080 to Rs 2,150 and is expecting a valuation of $20 bn.
The Paytm IPO was also a talking point at investor Softbank's earnings on Monday. Softbank CEO Masayoshi Son referred to Paytm's mega IPO as a "great event" for the Japanese company.
Son said, "I believe that valuation should be bigger than the cost that we spent when we made the investment." Softbank has invested over $1.5 billion in Paytm so far. Son also added that the valuation of Paytm will depend on market conditions and investor appetite.
Earlier, CNBC-TV18 caught up with Paytm CEO Vijay Shekhar Sharma and spoke to him about Paytm's valuation and the IPO.
Paytm said it has already raised nearly half of its IPO kitty from its anchor round, which included 122 investors, comprising global names such as Blackrock, Canada Pension Plan Investment Board, and Singapore's GIC. The company raised $1.1 billion through its anchor round, roughly half of the $2.4-billion IPO.
Paytm Group CFO Madhur Deora had told CNBC-TV18 earlier today that blue-chip investors think Paytm's valuation is "fair and attractive".
Meanwhile, edtech start-up, Brightchamps, raised $63 million in funding. The firm which offers online courses on programming, artificial intelligence (AI), design thinking, and financial literacy to kids aged between 6 and 16 years, is now valued at nearly half a billion dollars in just a little over a year. The funding round was led by Premji Invest with participation from GSV Ventures, Binny Bansal and Beenext.
Ravi Bhushan, founder and CEO at Brightchamps, spoke to CNBC-TV18 on how they plan to use the funds and on the growth outlook.
More than a year in lockdown and the continued uncertainty due to the pandemic have left many workers in emotional turmoil. According to a global study by Oracle and Workplace Intelligence, an HR research and advisory firm, about 89 percent workers in India feel stuck in their personal and professional lives.
Almost all of them feel technology can play a better role than humans at providing help to get out of the rut, be it in finding a new job, filling gaps in the current skill level or furthering one's career growth. This is an important insight for companies around the world as they transition to new workplace models in the post-pandemic era.
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To share the key findings of the study and explain how HR teams can leverage artificial intelligence to help employees, Startup Street caught up with Oracle's Shaakun Khanna.
For all the interviews and more details, watch the accompanying video
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