Paytm, one of India’s most valuable startups, plans to raise up to $2.2 billion in an initial public offering, it said in draft papers submitted to the country’s market regulator on Friday.

The Noida-headquartered firm — backed by Alibaba, Berkshire Hathaway, and SoftBank among others — said it will issue new shares worth $1.1 billion and offer sale worth of $1.1 billion.

The startup, which competes with PhonePe and Google Pay, plans to use the fresh capital of $577 million to broaden its payments services offering and about $269 million to enter into new initiatives and explore acquisition opportunities, it said.

This is a developing story. More to follow…