India

Paytm valuation reaches up to $10 billion; 200 employee becomes millionaires

Paytm valuation reaches up to  billion; 200 employee becomes millionaires
Written by Pallavi Parmar

Paytm, a phone wallet service provider reached the valuation of about $10 billion (which is approx. 63, 600 crores) on Monday. As per the reports, the company on Monday revealed about its valuation after around 200 of its employees sold some of their shares to new investors. The rise in company valuation will make the millionaires to around 200 employees of Paytm. The sale of employee shares means that these staffs have liquidated their shares for around Rs 300 crore each.

Today, the company valuation rises close to the $10 billion in the recent round. While previously the company was valued at around $7 billion in May following the funding round where the Japanese company investor SoftBank invested $1.4 billion (approx Rs 9,000 crores) in the parent company. And this investment made the Paytm second most valuable startup in the country after Flipkart at $12 billion.

As per the reports, around 200 Paytm employees liquidates their employees stock options for Rs 300 crores. The employees stock options are benefits the employees alongside the salary offered to employees in the forms of share in the company. The company today reported, that the Paytmers who have been with the company since inception to one year will be benefitted. According to the reports, one year ago, the founder of Paytm Vijay Shekhar Sharma had sold 1 percent of his salary in the company for Rs 325 crore to raise the money for the Paytm Payments Bank.

Paytm is the mobile’s first bank which went official in the November month 2017. And the Paytm App a technological hand wallet became massively popular after the demonetisation era in 2016. And the company’s raised day to day which later on enhance to expand Paytm Payment Banks, Paytm Mall and Paytm money along with other options. Now its valuation has reached up to USD 10 billion which will be beneficial for the 200 employees of the Paytm.

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.

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