In today’s top payments news around the world, Paytm is said to be seeking a $2.2 billion initial public offering (IPO) in India at a $25 billion valuation, while special-purpose acquisition companies (SPACs) are setting their sights on Southeast Asia’s late-stage startups. Plus, FedEx Express India and Delhivery have effected deals that will harness their combined strengths.
Electronic payments company Paytm is reportedly aiming for a $2.2 billion IPO in India at a $25 billion valuation. The online payment market is hot in India, with Paytm competing against WhatsApp Pay and Google Pay. “Companies within the digital space have good growth potential because of the increase in the number of internet users and wide access among the youth,” Ajit Mishra, VP of research at Religare Broking in Noida, told Reuters.
SPACs are eyeing Southeast Asia’s late-stage upstarts. Over 40 SPACs, which are known as blank-check companies as well, have targeted the region, Vinnie Laura, managing partner of Golden Gate Ventures, said on a CNBC program. “SPACs have really put ASEAN on the map,” Lauria said. A SPAC is a shell company created to bring in funds by the way of an IPO. Its sole purpose is to combine with another company, or purchase another company, to take it public.
FedEx Express India and Delhivery have inked deals that will tap into their combined strengths to “unlock India’s international trade potential,” according to an announcement. “This strategic alliance will support our long-term vision to grow our India business and serve customers seeking to expand in or enter the Indian market, as well as provide opportunities to develop product and technology solutions together with Delhivery for the benefit of our customers,” FedEx Corp President and Chief Operating Officer Raj Subramaniam said in an announcement.