Paytm valuation reaches USD 10 billion 200 former and current staff become millionaires
The new valuation is a significant jump from United States dollars 7 billion valuation of the company when it raised USD 1.4 billion from Japanese investor Softbank in in May past year.
The valuation was achieved following a secondary sale where existing and former employees sold part of their ESOPs to new investors including undisclosed family offices and a few western offices for Rs 300 crores (approx $47.2 million).
"Company valuation rises close to United States dollars 10 billion in latest round", Paytm told Moneycontrol.
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The sale comes after a similar Rs 100-crore employee liquidity event by Paytm early a year ago.
Interestingly, about two months ago Flipkart too disbursed United States dollars 100 million for repurchasing the employee stock options (ESOPs) of over 3,000 present and past employees across the group companies including Myntra and Jabong besides Flipkart. ESOPs are a key tool for any startup to lure top quality professionals but with most Indian internet companies not having gone public, liquidity events for employees have been scarce till now and largely dependent on secondary sales or acquisition by a larger entity. The company raised about Dollars 2.5 million from Softbank in August past year in a mix of primary and secondary capital sale. In the latest transaction, hedge fund Discovery Capital is one of the investors that has bought shares from Paytm's parent One97 Communications.
According to reports Paytm calculates the eligibility for ESOPs based on the employee's contribution to the firm, long-term potential and duration of employment. Rising from the previous valuation of $8.4 billion, the e-commerce giant added a hefty $1.6 billion resulting in a total value of $10 billion. Paytm is now the second most valuable internet firm in India after Flipkart, which has a valuation of United States dollars 12 billion. Interestingly, fierce rivals in Indian market - Paytm and Flipkart - share a common investor in Softbank and apparently, the former has benefitted incredibly in the past couple of years.
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