Paytm is about to launch the biggest Initial Public Offering (IPO) in India, with a valuation expected to be around $20 billion. Amidst the drooling investors and the valuation ready to touch skies, the company’s chief financial officer, Madhur Deora, in an interview with Bloomberg TV, made some revelations about the IPO bound conglomerate’s possible future.
According to Deora, Paytm might consider transactions in the highly-talked-about digital asset called Cryptocurrency. However, the company awaits the clearing up of the widespread uncertainty and regulatory hindrances imposed on Bitcoin by the Indian government.
“Bitcoin is in the regulatory grey area if not banned in India. We, at Paytm, have always kept compliance with regulations a priority, and we abide by the law in both letter and spirit. At the moment, Paytm does not do Bitcoin,” Deora said in the interview. Deora went on to state that if bitcoin was ever fully-legal in India, then the digital payment platform might consider devising some deals and offerings which could benefit Paytm and its users.
While the Indian technological space is seeing a rise in the existence of ventures that foster this digital currency and allow people to trade in Bitcoin, Ethereum, and other digital tokens, Paytm does not seem to want the matters to be handled with haste. The company’s CFO’s comment, however, points at the fact that the company is not repellent to the concept and will eventually hop on the crypto bandwagon.
The Reserve Bank of India effectively froze the growth of cryptocurrency in the Indian market, but the ban was lifted in March 2020, by the Supreme Court. Since the ban got lifted, the Indian government has been mulling over plans to regularize Bitcoin and has been working on a cryptocurrency bill for some time now. The country, like Paytm, is not resistant to the digital asset and is seriously considering ways so that this controversial currency can be put to use regarding the development in the fintech sector.
The digital payment platform will launch the most massive IPO seen by Indian investors on November 8, and the subscription window will be open till November 10. The price band has been measured from Rs.2080 to Rs.2150 per share by the company. The company has appointed investment banks like Goldman Sachs, Morgan Stanley, Citi, and ICICI to look over the process.
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