Leading mobile payments platform company Paytm has reached a valuation of around USD 10 billion according to a statement made recently. This valuation was reached after a secondary sale in which former and existing employees sold part of their ESOPs to new investors such as western offices and undisclosed family offices for USD 47.2 million.
Paytm has recently revealed that the valuation of the company has risen close to USD 10 billion in this latest round. It was last valued at USD 7 billion in May. Now it’s close to the most valuable startup in India after Flipkart that is valued at USD 12 billion.
About 200 Paytm employees liquidated their ESOPs for INR 300 crores. ESOPs are benefits offered to employees in form of shares in a company. The people who benefitted most were those who have been with the company since its inception.
A few months back, Vijay Shekhar Sharma, the founder of Paytm sold 1 percent of his share in the company for INR 325 crores with an aim to raise money for the Paytm Payments Bank. The mobile payments firm got a strong boost post demonetization as people became more comfortable with digital payments. As a result, the company is easily expanding into verticals like Paytm Mall, Paytm Payments Bank, and Paytm Money among others.
Similarly, Indian e-commerce giant, Flipkart also recently spent USD 100 million for repurchasing ESOPs of more than 3000 current and former employees. Reference :- http://buildyourorg.com/News
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