Paytm plans to onboard beyond 20,000 subject gross sales executives around the country ahead of its first public offering (IPO). The move by the fintech behemoth comes in the face of fierce competition from a number of rivals, including PhonePe and Google Pay.

The new recruits could earn around Rs.35,000 per month and will be used to promote Paytm's entire portfolio, which includes QR codes, POS machines, Paytm Soundbox, and different merchandise throughout the company's ecosystem, such as pockets, UPI, Paytm Postpaid, service provider loans, and insurance coverage options.

The company is aiming to make its Rs.16,600 crore initial public offering (IPO) by October. According to NPCI data, Paytm had around 11 percent market share in UPI transactions in May, but Phone-Pe had 45 percent, followed by Google Pay with 35 percent. Paytm, which was last valued at $16 billion, indicated in its draft prospectus released earlier this month that it will utilize Rs 4,300 crore of IPO proceeds to acquire consumers and retailers.

It plans to use the IPO proceeds to expand the payment environment at the Noida-based company, as well as new business initiatives and acquisitions.

The IPO will include an issue of new shares worth Rs.8,300 crore and an offer for sale of Rs.8,300 crore, according to Paytm's draft red herring prospectus (DRHP) or offer document filed with the Securities and Exchange Board of India (SEBI).

CIO Insider reported that Paytm is considering decreasing Ant's ownership to 25 percent to meet SEBI's rules for listing as a professionally managed company, and this is expected to be included in Paytm's Offer For Sale (OFS).

Following that, Ant Group proposed selling its stake in Paytm for $800 million, based on the company's current market value of $16 billion (around Rs 6,000 crore).

Similar to the food tech site Zomato, the IPO might be organized as a Qualified Institutional Placement (QIP).

According to regulatory experts, this can be accomplished by reducing all investors' holdings to under 25% and diluting some beneficial ownership criteria, as specified by Sebi and the Companies Act.

Despite owning a combined 38 percent of the company, Paytm is said to be considering Ant Group and Alibaba as independent investors.

Paytm will be able to comply with Sebi rules more easily if Ant and Alibaba are recognized as separate companies with no joint interests or goals, according to sources.