Some former and existing employees of mobile wallet application Paytm are likely to sell shares worth about US $50 million to new investors, according to industry sources.
The secondary share sale, which is expected to take place somewhere in the next few weeks, would see some new investors like Discovery Capital coming on board, the sources said.
The sources did not wish to be named as the matters are private.
When contacted, a Paytm spokesperson declined to comment.
The sources said the transaction – when completed – could hike the valuation of the Alibaba and SoftBank-backed firm to around US $10 billion.
In May last year, Paytm had raised US $1.4 billion from SoftBank, which valued the company at US $7 billion at the time.
Paytm has been one of the prominent beneficiaries of the government's move to scrap high denomination notes in 2016. It has seen manifold growth in transactions on its platform as well as expansion in number of users since then.
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