Paytm's Costly IPO Decision
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Paytm didn’t fail because of losses. It failed because of one rushed decision. In 2021,
Paytm chose to go public at the highest possible valuation— before fixing its business model.
Digital payments were booming. Tech IPOs were euphoric. Investors were chasing future stories,
not profits. But Paytm wasn’t a tech monopoly. It was a payments middleman—
burning cash with no clear path to profitability. The IPO launched. ₹2,150 per share.
India’s biggest startup listing ever. Within months, the stock collapsed.
Billions in value wiped out. Retail investors trapped at the top. The real damage
wasn’t money. It was trust— once broken, markets don’t forgive easily.
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