postpe 🔥, CRED's ESOP 💰, Paytm below 1000 📉
‘postpe’ clocks TPV of Rs. 2400 Cr, CRED expands its ESOP pool size, Paytm shares hit a record low, Funding Deals & more.
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‘postpe’ clocks annualized TPV of Rs. 2400 Cr in 3 months of launch💸
Fintech platform BharatPe has announced that its recently launched ‘Buy Now Pay Later’ product ‘postpe’ has emerged as one of the fastest-growing products in the BNPL industry, with an annualised TPV of Rs. 2,400 crore in just 3 months of its launch.
TPV run rate refers to the total transaction value through the platform in a given time period.
The company shared that ‘postpe’ has facilitated disbursals to three lakh consumers in the first quarter of its launch. The company said that it has extended a credit line of Rs. 1,000 crore in partnership with its lending partners.
BharatPe claimed that ‘postpe’ is expected to grow twofold in the last quarter of the financial year and the company is targeting closing the last quarter of FY22 with an annualised TPV of Rs 4,500 crore.
CRED expands its ESOP pool size to $500 mn💰
Credit card payment app CRED has increased its employee stock ownership plan or ESOP pool size to $500 million, joining the likes of several growth-stage startups which have increased their ESOP size in the past 12 months.
The development comes soon after the company’s announcement which said that its cumulative ESOP buyback for 2021 will be up to Rs 100 crore or $13.3 million. CRED also said that its total ESOP buyback in 2021 was worth approximately Rs 145 crore or $19.3 million.
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Paytm shares close below Rs 1000 mark for the first time📉
Paytm parent One97 Communications' shares hit a record low on Wednesday, closing below the Rs 1,000 mark for the first time ever.
The stock fell 4.3 percent to end at a record closing low of Rs 997.4 apiece on BSE. At this level, the stock changed hands at a discount of 53.6 percent to the issue price.
During the session, Paytm shares plunged as much as five percent to an all-time low of Rs 990. That was the lowest intraday level recorded since their market debut in mid-November.
Paytm's IPO was the biggest of all time in India. The company's public offer saw an overall subscription of 1.9 times the shares on offer.
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