It is the season of tech IPOs. After Zomato, two digital payments companies, Paytm and MobiKwik, are all set to go public. Three days after Gurugram-based MobiKwik filed its draft red herring prospectus with the markets regulator, its much larger Noida-based rival filed its own DRHP—for a Rs 16,600 crore stock offering, billed as India’s biggest IPO ever.
Last week, we at The Morning Context did a detailed breakdown of MobiKwik’s prospectus—which mainly revolved around their digital credit play. It only made sense for us to do a business-wise breakdown of Paytm, India’s most valuable fintech startup.
A heads-up: Last month, we did a detailed analysis of Paytm (One97 Communications Ltd)’s 2020-21 annual report and financial statements. In that, we highlighted the missing pieces in the Paytm story—breaking down its business metrics and how to understand its segments. If you haven’t already read that piece,