Paytm, a pioneer in cellular bills in India and probably the most nation’s best-known startups, set out years in the past to construct an ubiquitous digital-finance ecosystem just like Ant Crew Co.’s Alipay in China.

Now, as Paytm’s proprietor nears a $2.2 billion list that may see it beat Ant to the public markets, the corporate isn’t the dominant participant it wanted to become and faces mounting demanding situations in an more and more crowded Indian bills marketplace. It has already been overtaken in a single key space via deep-pocketed competitors together with Alphabet Inc.’s Google and Walmart Inc. -backed Indian startup PhonePe.



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