The three-year-old fintech seems to think a listing will boost its chances of getting a bank licence. Does it stand a chance, given its missteps?
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They were the app’s flagship feature until the RBI shut down new deposits into Paytm wallets a year and a half ago.
Last valued at upwards of $2 billion, the beauty and home services business gearing up for an IPO is too small and too susceptible to market challenges. Its draft papers are worth a look.
After the derivatives hedging fiasco triggered the resignations of top executives, indications are that the regulator expects the private lender’s board to do a thorough cleanup.