Just to put things in perspective,
If you compare it with phonepe valuation with 47%+ market share vs 14% for paytm in UPI** that should give around 3.6B USD (phonepe last valued at 12B USD) + lending business is much bigger than phonepe or anyone else in fintech + PayPay’s 5% stake (it is major player in Japan where you can get good money for payment business, as per google search (https://www.reuters.com/markets/deals/softbank-considering-us-listing-paypay-payments-business-sources-2023-07-12/) last time it was valued at 7B USD+) + PayTM money has decent scale + Decent marketing and distribution business/ event business + travel agent business + Offline dominance in soundbox - this is piece will get impacted in near term but nothing that will kill it.
**I do not think P2P UPI will ever chargeable (of course there can be charge after some limit) but main income is P2M where I think PayTM has more comparable share with Phonepe.
This is as of now. Thanks!
Disc. Holding significant position in portfolio so may be biased.
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