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Tag: ipo

  • How did Uber make a Billion Dollars from Zomato Listing? – Case Study

    We are past the worst recession since the Indian independence in 1947, which was due to the COVID-19 onslaught. Though the dreadful pandemic hasn’t taken its exit yet from the country, the Indian market has started to boom with the listing of the shares from a bunch of companies, which certainly looks promising enough!

    Zomato, India’s food delivery giant, has already launched its IPO on July 23, 2021, and that too with flying colors. Though the company exhibited a mammoth size of IPO at Rs 9,375 crores, the overall subscription of 38x was quite healthy. At the end of day 1, Zomato witnessed a 66% premium at Rs 125.85.

    Zomato, with its successful IPO listing, has certainly been the talk of the town but one another company has parallelly been mentioned if not more. This is Uber, which seems to have largely benefitted with this listing of Zomato, and what is stranger is the fact that it hasn’t spent a single penny in the food aggregator business!

    Uber’s Gain out of the Zomato IPO
    How did Uber become the gainer in Zomato IPO?
    Looking Back at the Uber Eats Deal of Zomato
    Who else gained in Zomato IPO?
    FAQ

    Uber’s Gain out of the Zomato IPO

    As soon as the Zomato listing closed for the day on July 23, 2021, people began talking about the sudden surge of the market value of Uber stakes. Yes, the market value of the stakes Uber has in Zomato, at the end of the day, was announced at Rs 9,000 crores ($1.2 billion). This baffled many, and even more so, when they heard that Uber didn’t spend a penny for such a fortune it made out of the Zomato IPO.

    How did Uber become the gainer in Zomato IPO?

    The recent gain of Uber may sound like the company has not spent anything to gain a considerable large sum and in reality, it is so. However, we need to recall that Uber has had its 9.19% shares in Zomato due to the latter’s acquisition of Uber Eats, which Zomato acquired back in 2020 at $206 million.

    Along with making over a billion dollars in Zomato’s IPO, Uber also resigned from Uber Eats last year, which was on the verge of being a liability. Therefore, it was truly a win-win decision for Uber!

    Looking Back at the Uber Eats Deal of Zomato

    Launched in August 2014, Uber Eats started as a food delivery platform, which displayed menus from all the restaurants that were partnered with the app and helped the users order their favorite dishes, much like what we do in Zomato and Swiggy.

    However, soon after the launch, Uber Eats started to pick up huge losses. The losses for the company started to pile up even more after the Covid-induced lockdown was announced. Furthermore, the losses of Uber Eats were tied to the overall losses that the cab aggregator was seeing, especially when more than half the world was observing lockdown.

    During this time, the subsidiary of Uber had to resort to stringent measures like pay cuts and laying off employees. Uber Eats trimmed down its employee strength by 30% in hope that it would help the company get some gear, but when it failed, Uber thought of selling off its food delivery subsidiary.

    It was on January 21, 2020, that the Indian division of Uber Eats was finally sold to none other than the food delivery giant, Zomato, in return for 9.99% stakes in Zomato, which was valued at around $180 million back then.

    Who knew that this deal would be so profitable the next year itself?

    According to Uber, the “fair value of the consideration” that it received for the Indian business of Uber Eats was $206 million, which included $35 million of “reimbursement of goods and services tax receivable from Zomato.”

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    Who else gained in Zomato IPO?

    Along with Zomato and Uber, the IPO was also a huge benefit for Info Edge, whose stocks saw a healthy rise in price and are currently worth Rs 15,000 crores. Deepinder Goyal, Zomato cofounder’s holdings, which were valued at 2,800 crores also witnessed a rise to Rs 5,500 crores.

    Overall, it can be said that Zomato made a robust debut on the stock exchanges on Friday, July 23. The shares of the company started at ₹116 on the national stock exchange (NSE) and represented more than a 51% premium over the issue price of ₹76. Only 16 minutes past its listing, at 10.16 a.m., the market cap of Zomato breached ₹1 lakh crore. An amazing feat indeed!

    Stocks of Zomato
    Stocks of Zomato

    Conclusion

    Launched in 2008, Zomato was one of the startups that have truly emerged strong, standing as the biggest food delivery services in India, ahead of its arch-rivals, Swiggy, have amassed the strength of the years and is pacing towards a brighter future.

    On such a successful first-day run of Zomato, the co-founder and CEO, Deepinder stated, “We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of the long-term success of the company.”

    FAQ

    Is Uber Eats owned by Zomato?

    Yes, Uber sold its India business of Uber Eats to Zomato for a 9.99% stake.

    When did Zomato acquire Uber?

    Zomato acquired Uber Eats on 21st January, 2020.

    Why did Uber Eats left India?

    Uber Eats decided to quit its operation in India, to cut its global losses as it was fallen behind to keep up with the competition.

  • Why are people excited for Zomato IPO when it’s in loss?

    The Initial Public Offering of Zomato is the much awaited IPO of 2021. It is considered to be one of the largest IPO’s of 2021. The company on 28 April 2021 has finally filed the draft papers with the Securities and Exchange Board of India (SEBI). Let’s look at why there is so much excitement in the market for the issue of Zomato’s shares even though they are a loss making company.

    Zomato IPO
    Losses of Zomato
    Zomato Warns losses to continue
    Bad Cash Flows
    IIFL Securities
    Motilal Oswal Financial Services
    Kotak AMC
    FAQ

    Zomato IPO

    Zomato has been one of the biggest successful startups in India in the last decade along with Flipkart, Byju’s and its rival startup Swiggy. The Initial Public Offering of Zomato is expected to increase the value of the company.

    The dealers in the unofficial or grey market who trades in unlisted shares said that the valuation of the company could be around INR 53,000 crores. The expected valuation of Zomato will make it larger than one-third of the companies that are listed on the index of Nifty 50.

    On July 8, 2021, Zomato is one week away from launching its debut IPO. The company has already filed its red herring prospectus with the Bombay Stock Exchange, and in the same, Zomato has also revealed some much-awaited details of its upcoming IPO.

    According to the prospectus, the shares that Zomato would offer would be priced between Rs 72-76 each, which would make the whole issue worth between Rs 9,357 – 11,198 crores. The food delivery giant would issue its shares for a period between July 14 – 16, 2021. Furthermore, as per the reports, there will be a total of 1,30,20,83,333 equity shares of face value Re 1 each on offer for bids.

    Zomato had initially disclosed that the total amount of its IPO would be Rs 7,500 crores last month. However, the company eventually had to increase the total size of the issue due to rising demands from the investors. The portion of the IPO, as offered to the retail investors, has been limited to 10% of the total size of the issue. This is because the brand has not achieved profitability yet.

    Losses of Zomato

    The difference between Zomato and the other companies listed on the Nifty50 index is that they are profit making companies for several years or at least from the last decade. Whereas Zomato is recording losses continuously for the past 4 years.

    For the last nine month period which ended in December 2020, the company has reported a net loss of INR 682 crores and INR 2,385 crores for the year 2019-2020, INR 1,010 crores for the year 2018-19 and INR 107 crore for the year 2017-18.

    In the draft red herring prospectus, which was submitted to the Securities and Exchange Board of India the company has mentioned that they have a history of net losses and are expecting an increase in the expenses in the future.

    Prior to the launch of its debut IPO, Zomato is spending Rs 1.3 to earn a single rupee of operating revenue in FY21, which has improved from Rs 1.92 that the company had to spend in FY20.

    Furthermore, the company has also witnessed an improvement of around 66% in terms of the total losses. Zomato suffered an annual loss of Rs 2385.6 crore in FY20, which came down to be Rs 816.4 crore in FY21. The company, which is going live with its IPO next week, still has outstanding losses worth Rs 5,600.3 crore at the end of FY21  

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    Zomato Warns losses to continue

    Zomato has warned the investors that the company expects the expenses to increase in the future and their losses to continue for a period of time. The company said that from the significant investments it would require some time to grow the business.

    The company has plans to pump in a lot of money into the marketing, advertising and promotion. They also have plans to expand its services to new markets in India and develop its platform in addition to expanding its delivery partner network.

    The company said that these efforts would be costlier than they expect and added on saying that it may not result in the increase in revenue or growth of the business. The company said that the increase in revenue and the investments received will be spent on other expenses. This would prevent the company from increasing or maintaining its profitability at a consistent level or a positive cash flow.

    Zomato Revenue Growth
    Zomato Revenue Growth

    Bad Cash Flows

    Zomato has not just struggled in generating profit but has a bad track record of generating cash flows from its operations. The cash outflow of Zomato from operations is INR 269 crore in the year ended in December 2020.

    The company has reported negative cash flow in the past 3 financial years. Most of the negative cash flows are due to the high promotion and advertising expenses of the company to attract new customers to scale up their operations on the platform.

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    IIFL Securities

    The brokerage firm IIFL Securities said in a report that it expects Zomato to earn an operating profit in the current financial year due to the increase in the demand of delivery business because of the coronavirus pandemic.

    IIFL securities have an expectation that Zomato will increase its net revenues at a growth of 48 % on a yearly basis for the next 5 years. They expect the fixed costs to grow at a rate of 27 % on a yearly basis which would provide an improvement in the operating margin for the next decade.

    Motilal Oswal Financial Services

    Raamdeo Agarwal who is the chairman and co-founder of Motilal Oswal Financial Services has said that by giving valuations one wouldn’t look for what the company has earned in the past 5 years but will be looking at what the company will earn in the next 25 years.

    Kotak AMC

    Anshul Saigal who is the head of portfolio management services at Kotak AMC has said that it is confusing for investors, but he wants the investors to ask themselves a question before investing that is if the company stopped growing today will its business model earn profits. He added that the answer to this question is the heart of valuing a tech company.

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    FAQ

    Is Zomato listed in stock market?

    Zomato is planning to go public in 2021.

    Who is the CEO of Zomato?

    Deepinder Goyal is the CEO of Zomato.

    Is Zomato an Indian company?

    Zomato, is one of India’s largest food delivery company.

    Conclusion

    Zomato’s IPO will be more like a leap of faith for the Indian investors. The traditional way of valuing a business cannot be used by the Indian investors when it comes to valuing a business model like Zomato.

  • How did EaseMyTrip Manage to Launch its IPO Amid the Pandemic?

    When situations turned worse for most of us due to the Covid-19, and all of us were restricted to our homes with few hopes of breaking the chains and going out, EaseMyTrip managed to sail past the hurdles and made their stock market debut on March 8, 2021.

    The journey wasn’t an easy swim on calm waters though!

    What did EaseMyTrip achieve?
    Why was this feat hard for EaseMyTrip to achieve?
    How did EaseMyTrip manage to achieve this feat?
    The Future Ahead for EaseMyTrip
    FAQ

    What did EaseMyTrip achieve?

    Covid-19 has turned the tables for all of us and on almost all occasions, it has been for the worse. The period of the pandemic has seen everything including layoffs, pay cuts, dissolution, and liquidation but in the midst of all these horrors, EaseMyTrip, led by the brothers, Nishant Pitti, Rikant Pitti, and Prashant Pitti, launched its Rs 510 crores initial public offering (IPO).

    After the co-founders diluted their 25 percent stake, they were set to issue shares worth Rs 510 crore. The company stated they were oversubscribed by 159 times, which put forth a demand of around Rs 44,881 crore. The total valuation of the company stood at Rs 2,040 crore during the IPO, as per the reports.

    Prashant Pitti, one of the co-founders of the company made it clear that EaseMyTrip has never been a company that heavily stressed on marketing. “The company was profitable and growing. It felt like a good fit for the IPO”, added Prashant.

    Each share was sold at Rs 187 during the IPO, which is now trading at Rs 230. The shares of EaseMyTrip have thus generated around 23% profit for investors within just two months.

    EaseMyTrip was successful in making a business of Rs 4,204 crores in the previous financial year. The EBITDA of the company for FY20, as per Prashant, was Rs 49.8 crores, and that for nine months of the financial year 2021 was around Rs 43.4 crores. It was towards the end of 2020, in the month of December that the company’s overall cash or cash equivalent raised to Rs 208 crores from Rs 148 crores in March 2020.

    According to Prashant, the company has listed 17 percent of the share amount above the premium, which is still consistent.

    Why was this feat hard for EaseMyTrip to achieve?

    EaseMyTrip is a company that drives its sales through its wide range of travel booking services including flight booking, booking of hotels, and processing visas. For a company that is based on the travel and tourism industry, the coronavirus pandemic was surely an uphill journey more than ever. However, according to the company, they have been frugal, curtailed a lot of things, went wise with several others, and aimed for the bigger goal to pull off such a feat!

    EaseMyTrip Profit
    EaseMyTrip Profit

    How did EaseMyTrip manage to achieve this feat?

    The growth that EaseMyTrip showed during the pandemic might seem unprecedented to most of us but it is simply a result of a lengthy effort for days, months, and years.

    EaseMyTrip made a breakthrough in the market

    EaseMyTrip, the brainchild of the Pitti brothers was started by the idea of helping people go about their travel bookings seamlessly and bringing parity to the whole booking process.

    Back in those days people exceedingly relied on the booking agents to make their booking possible, and ultimately ended up paying more to them. In one such flight booking made by the father of the co-founders, the Pitti brothers discovered that their father paid more to the agent than the actual prices online. This incident led to the launch of EaseMyTrip in 2008.

    The Delhi-based online travel agency initially aimed to ensure that the travel agents would receive the same prices and commissions as they did from the other similar booking websites.

    Furthermore, they also ensured that the customers would also stay in this loop and would receive the same prices from the booking agents. Moreover, the team also wanted to build a software as a service program that would serve as an easy-to-use webapp that would make travel bookings hassle-free.

    While the travel booking agents initially had to pump in some money with each airline to avail of the bookings, they received only around 3-4% commission. However, EaseMyTrip, on the other hand, came up with the idea of letting the travel agents book for any airlines against an initial deposit of Rs 50,000 and allowed a 5% commission on the same. This helped them effectively reduce their capital expenses and increase their profit margins.

    Bootstrapping their way forward

    As soon as EaseMyTrip was launched, the founders decided to raise money to start with their company, however, the market was found unfavorable soon after that. EaseMyTrip focused on a B2B market, which was something unique in the market that was already full of B2C companies like MakeMyTrip and Cleartrip. This well made EaseMyTrip a competitor to the already established online travel companies and also left bootstrapping as the only option left.

    EaseMyTrip bootstrapped their business success as a B2B company, and soon entered the B2C market offering the facility to avail their services without any convenience fees.

    Countering the Covid-19-induced adversities

    Though EaseMyTrip was a running business well before the pandemic struck the markets, waddling through the pandemic was difficult for any business, and EaseMyTrip was not an exception. However, the company had to win over the situation anyhow, which they managed with the help of some laudable efforts from their end.

    Rising up to the dizzying demands

    As soon as the lockdown was announced, the government decided to resort to extreme restrictions on traveling, including a dead stop of both the railways and domestic and international air travel.

    This resulted in multiplied call volumes. EaseMyTrip also had to abide by the work from home culture and resorted to WhatsApp messages to tackle the overflow of calls, which were then responded to by the executives one by one.

    This not only boosted the goodwill of the company during these testing times but also helped in keeping things on a budget.

    Early refunds policy

    Deeming that the people are scared as well as scattered all across the country, EaseMyTrip decided to refund the money of their customers on a priority basis, even before the airlines refunded them their money.

    This immediate refund policy was something really unique and positive responses came pouring in from all around the world in favor of EaseMyTrip all around the social media platforms, which further increased their reputation and added to their credibility.

    Wise advertisement campaigns

    As soon as EaseMyTrip absorbed the positive vibes, they thought it fit to come up with a unique advertisement campaign on social media, titled “Saath Laakh Crore ka Kharcha”.

    The sole motive of the advertisement was to share the message that the Indians spent around Rs 7 lakh crores annually for their vacation. Therefore, they can easily avail of their bookings via EaseMyTrip, which is a 100% Indian company with huge benefits.

    For this advertisement, EaseMyTrip had to reach out to 5-6 celebrities but the responses that the company received were overwhelming!

    Discounts were curtailed

    After the lockdown was lifted for the air travel, EaseMyTrip soon found out the pulse of the customers and discovered that they weren’t much concerned about the discounts and were only looking to make their trips possible. Therefore, the company reduced their discounts and managed to draw in the one percent commission that they received after negotiating heavily with the airline companies.

    No pay cut policy

    Payment deductions were on a rise with the COVID-19 and are always silent blemishes to a company. Therefore, EaseMyTrip ensured that they would not adopt such practices even if they had to shed some of their total strength. They reduced the total number of employees from 450 to 370 in the first wave of the coronavirus spread but they haven’t opted for any further reductions or pay cuts since then.

    The Future Ahead for EaseMyTrip

    “People travel for work, leisure, and to meet extended family. All this has stopped now, but it will restart”, going by the words of Sreedhar Prasad, Advisor, Analyst, ex-KPMG, and ex-Kalaari Capital.

    Conclusion

    The travel and tourism industry happens to be one of the worst affected industries post-Covid. However, the industry would soon rise and will be among the first set of booming industries.

    FAQ

    Who is the Founder of EaseMyTrip?

    Nishant Pitti is the founder and CEO of EaseMyTrip, the company commenced its operation in 2008.

    Is EaseMyTrip profitable?

    According to a Motilal Oswal, EaseMyTrip is the only OTA in India to have a good net profit margin over the last three years.

    What is the Revenue of EaseMyTrip?

    The annual revenue of EaseMyTrip is $18.8M.

  • Why has Jack Ma not made any Public Appearance

    Jack Ma is a Chinese based entrepreneur, philanthropist and investor. He is the co-founder of Alibaba Group. In the Great leaders’ list of Forbes’ World’s 50 Greatest Leaders, he was ranked 2nd. He is considered to be an influential figure for the community of startups. Jack Ma had not made any public appearance for a quite few months. Let’s look at the reason for it.

    Disappearance of Jack Ma
    Reason for the Disappearance
    Jack Ma’s Last Appearance
    FAQ

    Disappearance of Jack Ma

    Jack Ma had not made any public appearance since October 2020 and later made an appearance through an online video during the month of January 2021. His disappearance had created a fear about his whereabouts.

    It was reported that Jack Ma was also missing from the final episode of his own talent show where he provides a chance for African entrepreneurs to compete for USD 1.5 million. The talent show is named as Africa’s Business Heroes.

    In the month of January 2021, the disappearance of Jack Ma had made headlines in most of the newspapers.

    Reason for the Disappearance

    The disappearance of Jack Ma began when he criticized the regulatory system of China in the month of October claiming that it has a pawnshop mentality. He criticized the regulatory system saying that companies like AliPay were unsuitable for financial regulatory structure just like that of China’s.

    This had happened days before Ant Group was looking forward to launching one of the world’s largest IPOs worth USD 37 billion on the Shanghai exchange and the Hong Kong Exchange. Following the criticism, the Chinese authorities had launched an anti-monopoly probe against the company and stopped its IPO application.

    Jack Ma Wealth
    Jack Ma Wealth

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    Jack Ma’s Last Appearance

    Jack Ma had appeared in an online conference where he addressed 100s of teachers. This conference was part of his annual event which Jack Ma hosts in order to recognize the efforts of the rural teachers.

    State-affiliated media Global Times had shared a video and tweeted saying Jack Ma has not disappeared, here we go and added the statement that Jack Ma just had a video conference with 100 village teachers in the morning conveying that they would meet up once the Covid situations are better.

    Qingqing Chen who is a senior reported added a follow up tweet which said that Jack Ma who used to be an English teacher gave wishes to the English teachers through a video. She added on saying that normally this activity would be held in Sanya in Southern Hainan but this year due to the ongoing pandemic it was done through a video conference.

    There was another video that showed Jack Ma taking a tour in a primary school in his hometown of Hangzhou. He had informed the teachers that he would spend more time in Philanthropy.

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    FAQ

    When was Jack Ma last seen in public?

    Jack Ma was last seen on Jan 20 during a live video chat with rural educators.

    Is Jack Ma the richest man in China?

    Jack Ma is no longer the richest person in china in 2021.

    What does Jack Ma do?

    Jack Ma is an Entrepreneur, Businessperson, Teacher and a Philanthropist.

    Conclusion

    Jack Ma’s exact whereabouts have not yet been identified by the Chinese authority. However, the anti-monopoly case against the company has been implemented even after the appearance of Jack Ma.

  • What is the New Community Platform Launched by Paytm for Learning Investment

    The digital fintech startup Paytm has recently announced that it has launched a platform for its users to learn about investing. It has launched a video-based wealth community platform(Currently in beta stage) for the users to learn investing. Let’s look at the further details of the New Community Platform Launched by Paytm for Learning Investments.

    About Paytm
    Paytm Wealth Community
    Reason for launching wealth community
    Platform
    Beta testing
    Creating a Personal Brand
    FAQ

    About Paytm

    Paytm is an Indian based multinational startup company. They are an e-commerce payment system and a financial technology company that has its headquarters located in Uttar Pradesh, India. The company was founded in the year 2010.

    The abbreviation of Paytm stands for “Pay Through Mobile” and it encourages it with its famous tagline ‘Paytm karo’. The company was founded by Vijay Shekhar Sharma. Some of the company’s products are Paytm Mall, Paytm Payments Bank, Paytm Money, Gamepind, Paytm Smart Retail.

    The services offered by Paytm are Payment systems, digital wallets, mobile payments banking, online shopping, etc. Some of the key investors of the company are Ant Group, SoftBank Vision Fund, Warren Buffet’s Berkshire Hathaway, etc.

    Paytm Wealth Community

    On 26 April 2021, Paytm which is one of the largest fintech companies in India announced that it has launched a platform that is a video-based wealth community to revolutionize the Indians to learn, discuss and trade in the capital markets.

    Paytm Wealth Community is considered to be India’s first community which will be based on investing. The platform will be video based and there will be live sessions conducted for the users of the community to ask doubts and discuss on the topics.

    The live sessions will be conducted by the industry experts and will cover a wide range of topics for the users such as stocks, futures and options, ETFs, Mutual Funds, IPO, Gold, Fixed Income and Personal Finance.

    Paytm Wealth Community
    Paytm Wealth Community

    The platform will provide a chance for users to learn from the experts in the industry, discuss their doubts with them and also chat and grow together with their fellow learners. The users on the platform will discuss on various wealth related topics.

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    Reason for launching wealth community

    In today’s world, the way the youth learn, interact and transact has seen a rapid evolvement. The social interaction between peers has been greatly influenced by the growth of apps and other social media platforms.

    It is seen that the social media platform and communities on various other sectors have seen a considerable growth, the digital platforms communities and groups have grown over the years, but there has not been a trustworthy digital platform and a reliable platform for wealth management.

    Paytm intends to cover it up and build a trustworthy and reliable wealth management platform for the youth through its new community. It is taking a step to fulfill the requirements of the Indian Investors by launching the platform.

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    Platform

    The platform will contain live video content with an interactive chat platform and creators are planning to conduct the sessions for a time period ranging from 30 minutes to 60 minutes. The sessions are expected to be launched in various languages such as Hindi, Gujarati, English and many more.

    The platform is under beta testing and Paytm has onboarded a limited set of users. All the creators will have to go through a KYC process which will be a step for ensuring the safety of the retail investors. All the contents will be recorded and checked.

    The roadmap of the product and technology is expected to completely transform the user experience. Over the period of time, the users will be able to create a customized discussion room by setting up their creator account and will also be able to chat in a controlled environment.

    Paytm expects that the next 100 million capital market investors will be originated through investment communities and social groups and the wealth community of Paytm intends to be a leader and helping the investors to save, trade and invest better.

    Beta testing

    Paytm has said that users who have received the access to the wealth community launched by Paytm will be able to see a calendar that will have a list of the video sessions available on the platform. The beta testing feature is expected to be for the period of two months and later it will be opened to access to all.

    The CEO of Paytm money, Varun Sridhar said that Paytm money was a natural choice by the company for its beta testing platform for the wealth community. Paytm money has direct access to a broad range of investment communities and has a reach across India.

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    Creating a Personal Brand

    Paytm Wealth Community also offers an opportunity for the experts in the industry to create a personal brand by creating their content and sharing their knowledge with millions of budding investors. This will be a platform to create a personal brand in the capital markets industry.

    The company is supporting anyone with the required skills and has a significant social impact to create a personal brand. For starting the registration process, they will have to mail to pwc@paytm.com.

    FAQ

    Who is the current owner of Paytm?

    One97 Communications Ltd is the owner of Paytm.

    Who is CEO of Paytm?

    Vijay Shekhar Sharma is the current CEO of Paytm.

    Is Paytm Chinese company?

    PayTM is owned by an Indian company by the name of One97 Communications Ltd.

    Conclusion

    The capital investors in India have seen a significant rise in the last two years because of the pandemic. People are looking forward to growing their wealth through capital markets due to the layoff of jobs. Platforms such as Upstox, Groww, Zerodha and Paytm money has seen a subsequent increase in their user base.