Paytm’s former employees are now running 22 startups worth over ₹10,000 crore: Report

The report claimed that most of these companies were founded following Paytm’s ₹300 crore ESOP buyback in January 2018.

A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India.(Reuters)

Paytm employees, who quit the fintech major to launch 22 startups over the years, have hit a collective valuation of ₹10,668 crore, according to a report from Private Circle. The group includes Pocket FM, co-founded by Rohan Nayak, former product manager at Paytm; Park+, founded by Amit Lakhotia, former business head of Paytm wallet and gold loan platform Indiagold, founded by Paytm’s former SVP of product Deepak Abbot and Nitin Misra, former business head of Paytm Postpaid.

The report claimed that most of these companies were founded following Paytm’s ₹300 crore ESOP buyback in January 2018.

“This pivotal moment marked the ascent of the Paytm Mafia onto the startup stage, laying the groundwork for its subsequent expansion and influence,” it said adding that around 24% of the startups are in the fintech sector, followed by e-commerce, media and entertainment and software-as-a-service. The companies have created 2,500 jobs in the country, with Pocket FM, Park+, Unnati, and Indiagold leading the list.

Not only Paytm but a recent report revealed that employees who left Flipkart are now part of companies worth $24.6 billion which include PhonePe, Groww, Udaan, Spinny, cult.fit, Slice, Navi, Curefoods, Credgenics, and OkCredit.

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