India's Silicon Valley looking to expand overseas

As the Union Budget remains only a few days from being delivered, Indian tech startups like Paytm, EtechAces Marketing & Consulting (parent company of Policy Bazaar), wait in anticipation for the new tax regime so that the guidelines regarding the listing flexibility are out in the open.

Paytm has already been having company meetings on the issue of expanding to international markets which may include a foreign listing. No conclusion has been come to regarding when and where the company will be releasing its public offer. An insider from Paytm stated that no tentative date/time-period has been fixed as to when the IPO will be issued but that the company is continuously looking at any changes in the rules regarding IPO listing, the Economic Times reported.

Any conclusive decision will only be taken once the Union Budget is out.

EtechAces Marketing & Consulting, the parent company of Policy Bazaar reportedly working on getting an IPO release sometime during October. A recent secondary share sale had happened by which a Dubai-based fund became in investor, valuing the company at a massive $1.5 billion.

In another secondary share sale, SoftBank purchased more stake in the company by putting in $130 million.

Alok Bansal, Policy Bazaar director and co-founder commented that the company was more interested in the domestic listing of the company but will wait for the Union Budget to be released before they make a final decision.

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India’s Silicon Valley looking to expand overseas