Vijay Sharma-backed Paytm E-commerce rebrands itself, acquires startup Bitsila - Hindustan Times
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Vijay Shekhar Sharma-backed Paytm E-commerce rebrands itself, acquires startup Bitsila

Feb 09, 2024 09:29 PM IST

Elevation Capital is the largest shareholder in Paytm E-commerce. It is also backed by Paytm Founder and CEO Vijay Shekhar Sharma, Softbank and eBay.

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.

Paytm founder and CEO Vijay Shekhar Sharma during an event in Mumbai, (PTI)
Paytm founder and CEO Vijay Shekhar Sharma during an event in Mumbai, (PTI)

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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"... 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 and 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 (BPC), and home decor," the source said.

ALSO READ: Paytm Payments Bank independent director quit after RBI crackdown

‘Regulatory action against Paytm Payments Bank’

Meanwhile, Paytm is under fire after the central bank stopped its subsidiary from accepting new deposits after February 29, a move which the RBI says was driven by Payments Bank's ‘persistent non-compliance’. However, the RBI said that the regulatory action is against Paytm Payments Bank and the Paytm app will not be affected.

"Just one clarification, this particular action is against Paytm Payments Bank and not to be confused with Paytm App...App is not impacted by this action," RBI Deputy Governor Swaminathan J said in the media interaction after the bi-monthly Monetary Policy Committee (MPC) meeting.

Responding to the RBI clarification, a Paytm spokesperson told PTI,""We assure our users and merchant partners that the Paytm app remains fully operational, and our services are unaffected."

“We assure our merchant partners that Paytm QR, Soundbox and card machines will continue to work as always. Our dedication to providing seamless payment solutions and promoting financial inclusion across India remains as strong as ever,” the spokesperson added.

(With PTI inputs)

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