India's Paytm targets $3 billion IPO - Bloomberg News

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BENGALURU, May 27 (Reuters) - Indian fintech start-up Paytm is aiming to raise about 218 billion rupees ($3 billion) in an initial public offering (IPO) late this year, Bloomberg News reported on Thursday, citing a person familiar with the matter.

The company, formally called One97 Communications Ltd, plans to list in India around November and is targeting a valuation of around $25 billion to $30 billion, the report said.

The One97 board plans to meet this Friday to formally approve the IPO, according to the report.

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Paytm, backed by Japan's SoftBank Group (9984.T), Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and China's Ant Financial, did not immediately respond to a Reuters request for comment.

Its IPO plans come at a time when the COVID-19 pandemic has fuelled demand for digital payment platforms in India, intensifying a battle for market share with Alphabet Inc's (GOOGL.O) Google and Facebook Inc-owned (FB.O) Whatsapp Pay.

Paytm's chief executive told Reuters in January that the fintech firm could turn profitable this year and would soon look to list. read more

The start-up offers a digital payment platform for merchants, money transfers and bill payments across India.

($1 = 72.5550 Indian rupees)

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Reporting by Chandini Monnappa in Bengaluru; Editing by Aditya Soni

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