SFTBY - Paytm files for largest Indian IPO in more than a decade

Naturecreator/iStock Editorial via Getty Images Digital payments giant Paytm, one of India's most valuable startups, intends to raise up to $2.2B in an IPO, according to draft papers submitted to the country's market regulator. It will use the fresh capital to broaden its payments services, enter into new initiatives and explore acquisition opportunities. Backdrop: Founded in 2010, Paytm dominates India's Unified Payments Interface, allowing users to easily make digital payments from their phones. The UPI payments infrastructure, built by a coalition of large banks in India, has emerged as the most popular digital payments method in India, due to New Delhi's invalidation of more than 85% of the paper cash circulation in late 2016. Paytm has since expanded into e-commerce, insurance and even ticket booking. Go deeper: The company, last valued at $16B, is backed by Alibaba (BABA), Berkshire Hathaway ([[BRK.A]], [[BRK.B]]) and SoftBank (SFTBF) among others. At last count,

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Paytm files for largest Indian IPO in more than a decade