{"id":10005,"date":"2024-03-10T02:50:48","date_gmt":"2024-03-10T02:50:48","guid":{"rendered":"https:\/\/topat10.com\/?p=10005"},"modified":"2024-03-10T02:50:48","modified_gmt":"2024-03-10T02:50:48","slug":"paytm-once-had-indias-largest-ipo-now-a-central-bank-crackdown-could-kill-its-business-a-risk-that-the-political-system-couldnt-take","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=10005","title":{"rendered":"Paytm once had India's largest IPO. Now a central bank crackdown could kill its business: 'A risk that the political system couldn\u2019t take'"},"content":{"rendered":"\n

On November 18, 2021, Vijay Shekhar Sharma took to the stage at the Bombay Stock Exchange, wiping away tears<\/a> as he addressed the crowd. His company, One97 Communications, had just completed India\u2019s largest IPO<\/a> ever, raising $2.4 billion and vaulting Sharma and his company to Indian tech stardom.\u00a0<\/p>\n

\n

One97 Communications was better known as the parent company of Paytm, a payments service adopted by both Uber and the Indian Railway Service. High-profile investors like Jack Ma\u2019s Alibaba and Ant Group, Masayoshi Son\u2019s Softbank, and Warren Buffett\u2019s Berkshire Hathaway backed the company.<\/p>\n

The IPO was the last bit of good news Paytm would have. <\/p>\n

The company has yet to make a profit. Shares in One97 are down over 70% since its debut. Softbank, Alibaba, and Berkshire have sold most, if not all, their stakes, whether due to concerns about Chinese presence or the plunge in the stock\u2019s value. Paytm faces fierce competition in the payments space from Google and Walmart-owned Flipkart, and analysts now see the company as a classic case of hype causing an overvalued debut<\/a>. <\/strong>(Paytm also lost its title<\/a> of India\u2019s biggest IPO, overtaken by Life Insurance Corporation\u2019s $2.7 billion IPO in May 2022.)<\/p>\n

Now, a regulatory crackdown threatens Paytm\u2019s entire business model, barring it from operating its lucrative banking and mobile-wallet services.\u00a0<\/p>\n

For Rajrishi Singhal, former executive editor of the Indian newspaper The Economic Times <\/em>and author of Slip, Stitch & Stumble: The Untold Story of India\u2019s Financial Sector Reforms, <\/em>Paytm\u2019s fall comes from a growth-at-all-costs model common to startups.<\/p>\n

\u201cPaytm had been pushing the envelope aggressively, and that harks back to its initial formation as a startup where your top line matters more than what you\u2019re delivering in terms of margins or profits,\u201d he says. \u201cPaytm was a little dismissive of the regulatory framework.\u201d<\/p>\n

\u201cCompliance has been the cornerstone of our product development initiatives from the very beginning,\u201d Paytm said in a statement to Fortune. <\/em>\u201cWe cannot take products to the market without obtaining the necessary approvals while ensuring every new offering is both innovative and in full compliance with regulatory standards.\u201d<\/p>\n

Yet the regulatory crackdown\u2014perhaps motivated by a wish to avoid any risk of a financial crisis before critical national elections in April\u2014puts the future of the once high-flying startup in question, potentially eradicating most of the firm\u2019s pre-tax profits. <\/p>\n

What happened to Paytm?<\/h2>\n

On Jan. 31, the Reserve Bank of India accused Paytm Payments Bank<\/a>\u2014an affiliated financial institution that holds all the money in Paytm\u2019s digital wallets\u2014of \u201cpersistent noncompliance,\u201d and ordered the financial institution to stop accepting new deposits. <\/p>\n

Then, on March 1, India\u2019s Financial Intelligence Unit slapped the bank with a $660,000 fine<\/a> for routing funds towards illegal activities like online gambling.\u00a0<\/p>\n

Paytm moved quickly to cut ties with the payments bank; Sharma resigned<\/a> as chair of the bank\u2019s board last week. Paytm is now trying to build relationships with third-party banks, like Axis Bank. <\/p>\n

The company has affirmed that its payment services will continue past March 15, the RBI\u2019s deadline for Paytm Payments Bank to cease operations. <\/p>\n

At a conference in Tokyo on Tuesday, Sharma suggested advisors may have been to blame for Paytm\u2019s struggles. \u201cThe biggest thing that I\u2019ve learned is that many times your teammate and adviser may not be getting it correct \u2026 It is important for you, yourself to be taking care of it versus just letting a teammate or a adviser suggest that what should it be,\u201d he said, according to Bloomberg<\/a>.<\/p>\n

Without a payments bank, Paytm is restricted to just facilitating transactions\u2014a business that provides \u201cno revenue pathways,\u201d Singhal says. <\/p>\n

In a stock filing immediately after the RBI\u2019s order, Paytm warned the order to close Paytm Payments Bank could drag down annual earnings<\/a> before interest, tax, depreciation and amortization by up to 5 billion Indian rupees, or $60.4 million at current exchange rates. Paytm generated $55 million in EBITDA in the nine months ending December 31, 2023.<\/p>\n

But Sharma may have little choice in the matter. \u201cIf he wants to keep the Paytm brand alive, he\u2019ll have to survive only as a Unified Payments Interface [India\u2019s nationwide system for instant payments], because he can\u2019t stay as a wallet or as a bank,\u201d Singhal predicts.\u00a0<\/p>\n

Paytm is the latest member of India\u2019s startup royalty to flame out<\/a>. Edtech firm Byju\u2019s was once India\u2019s most valuable startup, worth $22 billion in late 2022, but the startup is now dealing with accusations of inflated numbers, a toxic work culture, unethical sales practices, and missed debt payments. (The firm denies all claims.) On February 23, Byju\u2019s shareholders voted to oust the CEO, Byju Raveendran. He\u2019s refusing to step down.\u00a0<\/p>\n

Bad timing<\/strong><\/h2>\n

Regulators had targeted Paytm and its payments bank before. The payments bank has not been able to sign on new customers since March 2022, and the RBI slapped a $650,000 fine<\/a> last October for not following know-your-customer requirements.\u00a0Then in November, officials barred Paytm<\/a> from signing on new merchants.<\/p>\n

The actions against Paytm are part of a broader crackdown<\/a> on India\u2019s financial industry, particularly on \u201cshadow banks,\u201d or financial institutions that sit outside the traditional financial system. <\/p>\n

Indian voters will head to the polls<\/a> for national elections starting in April. India\u2019s ruling party, the Bharatiya Janata Party, and prime minister Narendra Modi are running on the country\u2019s strong economy. Most analysts expect Modi to win a third term<\/a>.<\/p>\n

And with markets running hot\u2014India\u2019s equity markets recently overtook<\/a> the Chinese city of Hong Kong\u2019s in terms of total market capitalization\u2014central bankers fear financial firms are setting themselves up for trouble.<\/p>\n

\u201cA financial crisis would invariably turn into a political crisis,\u201d Singhal says. \u201cI think [Paytm was] a risk that the political system couldn\u2019t take.\u201d<\/p>\n

The situation reminds Singhal of earlier Indian financial scandals, many of which he covered during his career as an Indian business journalist and are featured in his book. For example, in the early 1990s, Harshad Mehta, a trader nicknamed \u201cThe Big Bull,\u201d defrauded banks to fund speculative stock market bets. In the heady environment of the time, traders like Mehta \u201cdidn\u2019t know when to say no, and withdraw,\u201d Singhal says.<\/p>\n

Could today\u2019s bull market in India be sowing the seeds of another scandal?<\/p>\n

\u201cThe financial sector is not known for its love of history,\u201d Singhal says.\u00a0<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

On November 18, 2021, Vijay Shekhar Sharma took to the stage at the Bombay Stock Exchange, wiping away tears as he addressed the crowd. His company, One97 Communications, had just completed India\u2019s largest IPO ever, raising $2.4 billion and vaulting Sharma and his company to Indian tech stardom.\u00a0 One97 Communications was better known as the […]<\/p>\n","protected":false},"author":312,"featured_media":10006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-10005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nPaytm once had India's largest IPO. 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Gordon","author_link":"https:\/\/topat10.com\/?author=312"},"uagb_comment_info":1,"uagb_excerpt":"On November 18, 2021, Vijay Shekhar Sharma took to the stage at the Bombay Stock Exchange, wiping away tears as he addressed the crowd. 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