Paytm has filed for an initial public offering (IPO) of up to Rs 16,600 crore ($2.23 billion), draft papers submitted to the country’s market regulator showed on Friday. The IPO will include an issue of new shares worth Rs 8,300 crore and an offer for sale worth Rs 8,300 crore, said Paytm, which is backed by investors including Berkshire Hathaway Inc, China’s Ant Group and Japan’s SoftBank.

The Noida-based company, which One97 Communications Ltd owns, said it would use the IPO proceeds to strengthen its payment ecosystem and new business initiatives and acquisitions.
One97 posted a consolidated net loss of 16.96 billion rupees for the year ended March 31, lower than the previous year’s Rs 2,842 crore loss, according to the prospectus.

Revenue slipped 14.6 per cent to 28.02 billion rupees. Started a decade ago as a platform for mobile recharging, Paytm proliferated after ride-hailing firm Uber listed it as a quick payment option.