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Paytm's $2.2 billion IPO is facing an unusual hurdle - a 71-year-old former director has urged India's markets regulator to stall the offering, alleging he is a co-founder who invested $27,500 two decades ago but never got shares.
A second wave of COVID-19 infections in the country significantly impacted its dining-out business and reversed most of the gains the industry made in the previous quarter.
The deal could be announced in the coming weeks and would be a prelude to an initial public offering (IPO) by Oyo.
Ramachandran's journey from Ollur, an old commercial town in Thrissur district known for its tile factories and wood industries, to Africa was eventful.
The funding signals growing fascination for Indian content-sharing and short-video apps that have become popular ever since New Delhi last year banned ByteDance's TikTok and some other Chinese apps following an India-China border clash.
Paytm's IPO plan comes at a time when several first-generation homegrown startups in India prepare to go public on domestic bourses.
The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
The plan, fermenting for years but rapidly gaining momentum, is designed to help support China's economy in the coming decades and includes pilot projects for state-supervised data trading markets, policy documents show.
The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being touted as the second-biggest since SBI Cards and Payment Services' Rs 10,341 crore issue in March 2020.
Earlier this week, Zomato had received markets regulator Sebi's go-ahead for the initial public offer.