Wednesday, December 4, 2024

Ads by Google

Ads by Google

HomeNewsPaytm's former employees are now running 22 startups worth over ₹10,000...

Paytm’s former employees are now running 22 startups worth over ₹10,000 crore: Report

Mar 22, 2024 09:37 AM IST

The report claimed that most of these companies were founded following Paytm’s ₹300 crore ESOP buyback in January 2018.

Paytm employees, who quit the fintech major to launch 22 startups over the years, have hit a collective valuation of 10,668 crore, according to a report from Private Circle. The group includes Pocket FM, co-founded by Rohan Nayak, former product manager at Paytm; Park+, founded by Amit Lakhotia, former business head of Paytm wallet and gold loan platform Indiagold, founded by Paytm’s former SVP of product Deepak Abbot and Nitin Misra, former business head of Paytm Postpaid.

A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India.(Reuters)
A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India.(Reuters)

Read more: Apple sued in US for monopolizing smartphone markets, may face probe in Europe: Company loses $113 billion in value

Other companies also include Junio, a digital pocket money platform for students, audio dating platform Frn, eyewear brand Cleardekh, Genwise Club, an online club for elders, footwear brand Yoho, vending machine startup Daalchini and cybersecurity company Kratikal Tech.

Hindustan Times – your fastest source for breaking news! Read now.

The report claimed that most of these companies were founded following Paytm’s 300 crore ESOP buyback in January 2018.

Read more: OpenAI CEO Sam Altman’s Reddit stake rises over $200 million after IPO. It is now worth…

“This pivotal moment marked the ascent of the Paytm Mafia onto the startup stage, laying the groundwork for its subsequent expansion and influence,” it said adding that around 24% of the startups are in the fintech sector, followed by e-commerce, media and entertainment and software-as-a-service. The companies have created 2,500 jobs in the country, with Pocket FM, Park+, Unnati, and Indiagold leading the list.

Read more: Reddit CEO Steve Huffman on IPO debut: ‘Best investors of my company are…’

Not only Paytm but a recent report revealed that employees who left Flipkart are now part of companies worth $24.6 billion which include PhonePe, Groww, Udaan, Spinny, cult.fit, Slice, Navi, Curefoods, Credgenics, and OkCredit.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.

Story Saved

New Delhi 0C

Friday, March 22, 2024