India’s digital payment leader Paytm has led a $6 billion rally among the country’s tech startups this year after improving profitability ahead of schedule. Shares of Paytm’s parent company, One 97 Communications Ltd., have surged 69%, adding $2.7 billion in market value. Zomato Ltd., a food delivery platform, and PB Fintech Ltd., operator of Policybazaar, have also surged, adding over $1 billion each to their market valuations. Government efforts and high-profile investors, such as Jack Ma and Masayoshi Son, have helped revive the sector after a global sell-off in 2020. The companies have focused on turning profitable by reducing costs and exiting businesses that were not promising. Despite the gains, shares of Paytm still trade roughly 60% below their IPO price in November 2021. Other tech startups, such as FSN E-Commerce Ventures Ltd., the owner of Nykaa, a beauty e-retailer, generate optimism on its potential to expand its fashion business as well as potential partnerships with global brands seeking growth in India.
Paytm’s Dominance Pushes India’s Stock Market to New Highs
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