fbpx
  Previous   Next
HomeBusinessPaytm IPO Makes 350 Employees Millionaires

Paytm IPO Makes 350 Employees Millionaires

About 350 current and ex-employees will each have a net worth of at least 10 million Indian rupees ($134,401.38) after Paytm’s $2.5 billion IPO, a source in the company told Reuters.

Those rewards are huge in a country where the per capita income is below $2,000.

Each of these Paytm employees will now have a net worth of at least Rs 1 crore, according to a Reuters report.

Notably, with the Rs 18,300-crore share sale, the Paytm IPO has become the largest fintech IPO in the Asia Pacific region.

Electronics engineer Siddharth Pandey, who had joined Paytm nine years ago, much to his father’s objection, is among those who are set to become millionaires after the company lists next week.

Although Pandey, no longer works for Paytm (he has joined another start-up), he said that in the seven years he was with the company, he had accumulated tens of thousands of shares.

Those shares were priced at Rs 2,150 apiece on November 12, which means, he would be worth over $1 million soon.

Speaking fondly of the company’s founder, Pandey said: “Paytm has always been a generous paymaster. Vijay Shekhar Sharma, (the Paytm founder) has always wanted that people make money, they move up in life.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News

India Has Two Major Obstacles In Dealing With China: Jaishankar 

Speaking at the media summit, Mr. Jaishankar said asserted that India has two enormous handicaps in dealing with China including the defeat in the...

Assam CM’s Dig At Rahul Gandhi Says Rahul Gandhi Looks Like Saddam Hussain

Assam chief minister Himanta Biswa Sarma in his latest dig at Rahul Gandhi said that the Congress leader's looks have changed and he looks...

Nearly 75% Twitter Employees Layoffs In A Month, Will Elon Musk’s New Policy Be Able To Assure The Employees

After cutting nearly 75% workforce of Twitter in less than a month since the takeover, Elon Musk is now reported to have kept the...

RELATED NEWS

Keep Your Money Safe, Jeff Bezos Warns Economic Recession

Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession...

G20 Presidency Is A Proud Occasion For Every Indian: PM Modi

Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali on Wednesday....

Unmanned Trains Will Run Soon In India

Bharat Electronics Ltd (BEL) has signed an agreement with Delhi Metro Rail Corporation Ltd (DMRC) to jointly develop an indigenous communication-based train control system...