Some former and existing employees of Paytm are likely to sell shares worth about USD 50 million to new investors, according to industry sources. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple steps
The secondary share sale, which is expected to take place over the next few weeks, would see new investors like Discovery Capital coming on board, the sources said. Also Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
They did not wish to be named as the matters are private. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
When contacted, a Paytm spokesperson declined to comment.
The sources said the transaction — when completed — could hike the valuation of the Alibaba and SoftBank-backed firm to about USD 10 billion.
In May last year, Paytm had raised USD 1.4 billion from SoftBank, which valued the company at USD 7 billion at that time.
Paytm has been one of the prominent beneficiaries of the government’s move to scrap high denomination notes in 2016. It has seen manifold growth in transactions on its platform as well as expansion in number of users since then.
This is published unedited from the PTI feed.