From the RBI FAQs, interesting parts - https://rbidocs.rbi.org.in/rdocs/content/pdfs/PaytmPaymentsBankLtdFAQ16022024.pdf
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it’s the book value
You are spot on @Akash_Shah ji 
Even the company’s promoters won’t be able to justify valuation by any conventional valuation parameters 
What I’ve observed is, that these new-age company’s just can’t be measured with standard parameters like PE, PB , EV/EBITDA
I use a simple parameter of checking market cap, see if they can improve their operational performance, report better numbers and profits, see how the overall brand value of the business is, market share, key risks, redflags, and decide if the risk-reward is decent enough to take a small bet.