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When Paytm founder quipped: Going to 'copy' this idea from Zomato

Zomoto's IPO has seen strong interest from investors. (Photo: https://twitter.com/sbikh)

1 min read . Updated: 14 Jul 2021, 02:10 PM IST Livemint

The shareholders of One97 Communications Ltd (OCL), which owns brand Paytm, have approved plans of its ₹16,600 crore initial public offering (IPO): Report

As homegrown startup Zomato's IPO hit the Street today, founder of another IPO-bound startup Paytm has been rooting for the success of the public issue of the online food delivery platform. The retail segment of Zomato's ₹9,000 crore IPO was fully subscribed in just one hour, in a sign that internet-based consumer companies have become more popular as the pandemic fueled the adoption of digital technologies.

Internet entrepreneur Sanjeev Bikhchandani, who founded Info Edge - today shared a glimpse of Zomato's office, which honoured some of its alumni. Policybazaar and Zomato Ltd are among the various investee firms of Info Edge.

Paytm founder Vijay Shekhar Sharma in a tweet quipped: "I am gonna copy this idea! It’s so good."

I am gonna copy this idea !
It’s so good 👌🏼 https://t.co/ptppGLgsGj
— Vijay Shekhar Sharma (@vijayshekhar) July 14, 2021

Ahead of the opening of IPO, Zomato received about 35 times more bids than it had expected to sell from anchor investors.

Another closely watched initial public offering is the pending deal by digital payment startup Paytm. These two unicorns -- or privately held startups valued at at least $1 billion -- are coming to a market already enjoying blockbuster listings for a few months. About $5.6 billion has been raised in initial public offerings on Indian stock exchanges so far in 2021, according to data compiled by Bloomberg. UBS Group AG expects the annual tally to be more than double last year’s $4.6 billion.

Already, Zomato and Paytm’s popularity among institutional investors is prompting many other unicorns to consider going public. Among those are cosmetics retailer Nykaa E-Retail Pvt and Policybazaar Insurance Web Aggregator Pvt Ltd.

The shareholders of One97 Communications Ltd (OCL), which owns brand Paytm, have approved plans of its ₹16,600 crore initial public offering (IPO), put to vote at the extraordinary general meeting held on 12 July, Mint reported earlier.

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