Indian fintech startup Paytm to raise $3 billion in an IPO

The initial public offering (IPO) season is here. This week, two payment fintechs made their debuts on both the NASDAQ and NYSE. Boston payments startup Flywire raised $250 million. Paymentus stock also surged nearly 40% in its IPO debut.

Now, Indian fintech startup Paytm is the latest in the series of FinTech startups going public. Today, the Noida, India-based startup is aiming to raise about $3 billion (218 billion rupees) in an initial public offering (IPO) late this year, according to a Thursday report from Bloomberg, citing a person familiar with the matter. So far, Paytm has not commented on the story.

Paytm plans to list in India around November and is targeting a valuation of around $25 billion to $30 billion.

Founded in 2010 by Akshay Khanna and Vijay Shekhar Sharma, Paytm is owned by one of India’s mobile-internet firms, One97 Communications. Its investors include SoftBank, SAIF Partners, Alibaba Group, and Ant Financial.

Paytm is a payment gateway that provides payment services to merchants and allows consumers to make seamless mobile payments from cards, bank accounts, and digital credit among others. The company maintains an open culture where everyone is a hands-on contributor and feels comfortable sharing ideas and opinions.

Paytm is also backed by Japan’s SoftBank Group (9984.T), Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), and China’s Ant Financial. Paytm’s top competitors include Ant Financial, Flipkart, PayPal, FreeCharge, MobiKwik, and Razorpay.