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Amazing of Paytm IPO, 350 employees of the company became millionaires

Paytm IPO: Electronics engineer Siddharth Pandey will become a millionaire after the country’s biggest ever public offering, but he says he faced opposition from his father for joining fintech firm Paytm, when it was nine years ago. There was a new start-up.

A company source said that after Paytm’s $2.5 billion IPO, around 350 existing and former employees will have a net worth of at least 10 million or 10 million Indian rupees ($134,401.38). Many in the company’s list, like Pandey, will become millionaires next week. Pandey, 39, is no longer with the company and is working in another start-up, but says his seven-year stint at Paytm left him with thousands of shares in Paytm.

‘What is this Paytm’
Pandey declined to give details, but Paytm shares were priced at Rs 2,150 ($28.9) on Friday. Pandey said he would be worth more than $1 million. Pandey told that referring to the time of joining Paytm in 2013, his father had said that what is this Paytm. Pandey, who hails from Uttar Pradesh, said, “Now he (my father) is very happy. He has asked me to stay on the ground.”

When Pandey joined Paytm, it was primarily a small payments company with less than 1,000 employees. Today the firm has over 10,000 employees and provides a wide range of services ranging from banking, shopping, movie and travel ticketing to gaming. To celebrate, Pandey says he took his father on a five-day luxury trip to Rajasthan’s popular tourist destination Udaipur in September, which cost around 400,000 rupees ($5,376).

Pandey said, “Paytm has always been a generous payer. Vijay (Sharma, founder of Paytm) always wanted people to make money, move ahead in life.” Pandey is married and has two children. He says, “A part of the money will go to my retirement fund and I will use a large part of it for my children’s education.”

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