Paytm E-commerce is Pai Platforms now; buys ONDC seller firm Bitsila
According to sources aware of the development, the company had applied for a name change around three months ago and got the approval from the Registrar of Companies on February 8.
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NEW DELHI: Paytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining share in the online retail business.
According to sources aware of the development, the company had applied for a name change around three months ago and got the approval from the Registrar of Companies on February 8.
“... The name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited with effect from the date of this certificate... The company was originally incorporated with the name Paytm E-Commerce Private Limited, “ according to a Registrar of Companies notification dated February 8.
Elevation Capital is the largest shareholder in Paytm E-commerce. It is also backed by Paytm founder-CEO Vijay Shekhar Sharma, Softbank and eBay. Sources said that the company has now acquired Innobits Solutions Private Limited (Bitsila) which was launched in 2020 and operates as an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capability. “Pai Platforms is a leading buyer platform on the ONDC network and Bitsila acquisition will further bolster its commerce play, “ the source said. Bitsila was launched in 2020, and is among top three seller platforms on ONDC. It supports marquee brands like McDonald’s, BigBasket on ONDC.
“The full-stack omnichannel and hyperlocal commerce capabilities of Bitsila have fuelled its growth, allowing it to manage over 600 million product categories across over 10,000 stores in more than 30 cities. The platform caters to various sectors, including grocery, food and beverages, fashion, beauty, personal care, and home decor,’’ the source said.
Paytm shares tank nearly 9%; independent director resigns
Meanwhile, shares of One97 Communications Ltd, which owns the Paytm brand, tanked nearly 9 per cent on Friday as investors continued to dump the stock. Extending its previous day’s decline, the stock dived 8.67 per cent to Rs 408.30 on the BSE.
Shares of the company tumbled 8.20 per cent to Rs 410 on the NSE. Shares of One97 Communications fell 10 per cent to hit lower circuit limit on Thursday, after a two-day rally in the stock fizzled out.
One97 Communications stock price had climbed 10 per cent on Wednesday and rebounded over 3 per cent on Tuesday after three days of sharp fall. From February 1-5 (three days of trading), the company’s stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI’s crackdown.
Paytm Payments Bank independent director Manju Agarwal is learnt to have resigned from the board after an RBI order imposed restrictions on the bank’s operations. As per the source, Agarwal resigned with effect from February 1.
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