Friday, November 22

Tag: One97 Communications

Paytm’s Parent One97 Communications Crosses Rs 1 lakh crore Valuation Mark
29Nov By Gauri SinghNo Comments
BUSINESS

Paytm’s Parent One97 Communications Crosses Rs 1 lakh crore Valuation Mark

The parent company India’s biggest payment services firm Paytm that is One97 Communications has reportedly and successfully crossed the valuation mark of Rs 1 lakh crore in the unofficial market. Talking about the unofficial market, the firm’s value has raced past the market capitalisation of listed blue-chips like IndusInd Bank, Mahindra & Mahindra, Bajaj Finserv, Titan, HDFC Standard Life Insurance and Godrej Consumer. One97 shares changed hands at roughly Rs 18,200 a piece this week, running up nearly 60% in the last six months after Warren Buffett’s Berkshire Hathaway bought a stake in the company. “Shares of One97 Communications have jumped from Rs 11,000 to Rs 18,000 in just six months after Warren Buffett’s firm invested,” said Sambhav Aggarwal, director, ARMS Securities,...
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Berkshire Hathaway Eyeing to Acquire Stake in Paytm
27Aug By Gauri SinghNo Comments
ACQUISITION

Berkshire Hathaway Eyeing to Acquire Stake in Paytm

Warren Buffett’s Berkshire Hathaway is looking to acquire a stake in Paytm’s parent company One97 Communications Ltd. The amount that the company is eyeing to invest is around Rs 2,000-2,500 crore. This investment if implemented would be the first direct investment in India by the legendary billionaire investor.  It has been reported that the transaction could be completed in the coming weeks valuing Paytm at over $10 billion and giving it more lift. “Berkshire is in talks to pick up a 3-4% stake in the company and it is being done through a primary subscription of shares,” said one of the people familiar with the matter. Paytm had been in talks with Berkshire Hathaway since early February regarding this matter and the deal is just about t0 take place. The most important investors of ...
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Paytm to Raise Millions for Pushing its O2O Retail Business
28Jul By Gauri SinghNo Comments
FUNDING

Paytm to Raise Millions for Pushing its O2O Retail Business

One97 Communications, the company that owns Paytm is reportedly eyeing to raise $300-$500 million for the purpose of pushing its online-to-offline (O2O) retail business and get customers to use its platform for making payments. At present, Paytm is in advanced talks with US-based investors and also its existing shareholder, SoftBank for the latest funding round, which is expected to value the digital payments giant at about $10 billion. The funds raised through the particular funding round will be directed towards the hyper-local O2O business, with an objective to shore up footfalls for offline stores by offering deals and discounts on Paytm's app. The users will pay through QR codes in these stores, and thus, increasing the number of transactions for the company. As of now, the m...
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Paytm Forays Into The Forex Space, Aims to Expand
11Jul By Gauri SinghNo Comments
BUSINESS

Paytm Forays Into The Forex Space, Aims to Expand

Digital payment giant Paytm, which is owned by One97 Communications is now entering the forex space, for the exchange of 20 international currencies on its platform. The service is being carried forward in partnership with Centrum Direct as stated by the company. Earlier, it had been rumored that Paytm is eyeing to foray into the foreign exchange and international remittance space and now finally it is happening. According to the reports, Paytm will at first start with foreign exchange services. It may enter cross-border remittance services, both outward and inward. “We have been witnessing an unprecedented growth for international travel bookings on our platform. We learned that our customers usually are in a need of a trusted and seamless forex service for themselves. We considere...
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One97 invests $8.95 Mn in Paytm Entertainment
26Jun By Lavina TolaniNo Comments
BUSINESS

One97 invests $8.95 Mn in Paytm Entertainment

One97 Communications, the parent company of Paytm has invested $8.95 Mn (approx Rs 61 Cr) into its wholly subsidiary Paytm Entertainment, as per by more than 50% as per company's filings with Ministry of Corporate Affairs. Paytm Entertainment, the entertainment arm of Paytm deals in ticket booking for movies and other channels has increased its online penetration in India by more than 50%, as claimed by the company. It is interesting to note that Paytm Entertainment has collaboration with SPI Cinemas which is the owner of landmark companies such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai. The digital arm of Paytm had entred ticketing segment back in March 2016 in partnership with PVR and today it has its business operations running across 660 cities...
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Paytm Appoints Ex-RBI Deputy Governor R Gandhi As Advisor
20Jun By Gauri SinghNo Comments
News

Paytm Appoints Ex-RBI Deputy Governor R Gandhi As Advisor

The leading Indian digital payment platform Paytm which is owned by One97 Communications has appointed Rama Subramaniam Gandhi as an advisor to the company. He will be primarily advising the corporate on fee techniques, company governance, compliance and regulations. Gandhi has been the former Deputy Governor of the Reserve Bank of India between 2014 and 2017 working under both Raghuram Rajan and Urjit Patel. The career central banker was a part of the first monetary policy committee. Gandhi, in this regard, said, I have dedicated my whole life to formulate policy and strengthen institutions in the financial services space. I will be happy to share my insights and guide Paytm in the creation of innovative financial services. Along with this, he has also held a place as the head of two...
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One97 Earns Higher Profits Through Its Legacy Business
30May By Gauri SinghNo Comments
BUSINESS

One97 Earns Higher Profits Through Its Legacy Business

India’s leading mobile internet company, One97 Communications Ltd. that owns Paytm carries on to make some profits through its inherited mobile non-core services business. According to the detailed financial statement filed with Registrar of Companies (RoC), the profit is considered to be 45% of the total revenue of One97 in the Financial Year 2017. One97, founded by Vijay Shekhar Sharma delivers commerce services and mobile content to millions of mobile consumers through India’s most widely deployed telecom applications cloud platform. The company also invests in early-stage mobile companies through the One97 Mobility Fund (OMF). However, the legacy business of the mobile internet company is the value added services like caller tunes, mobile marketing, talk time recharges etc. The c...
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Paytm Trims Losses 39% to Rs 899.6 Crore in FY17
30May By NitishNo Comments
BUSINESS

Paytm Trims Losses 39% to Rs 899.6 Crore in FY17

India's leading digital wallet company Paytm, has reduced its losses to Rs 899.6 crore in the financial year 2016-17 compared to the previous fiscal, as per regulatory documents. The company had posted a loss of Rs 1,496.7 crore in 2015-16 fiscal against a total income of Rs 597.8 crore, as per documents filed by the company with the corporate affairs ministry. The documents, sourced by data intelligence company Paper.vc, showed that One97 Communications' total income had grown over 38 percent to Rs 828.6 crore in 2016-17 fiscal. One97 Communications' employee benefits expense in FY17 grew to Rs 333.87 crore, compared to Rs 143.13 crore in the previous fiscal. Paytm CFO and senior vice president Madhur Deora said, "the company invested over Rs 2,000 crore in the fiscal ended Marc...
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SoftBank In Talks To Invest $500M In Paytm Mall
28Nov By AdityaNo Comments
FUNDING

SoftBank In Talks To Invest $500M In Paytm Mall

After investing in Indian e-commerce majors Flipkart and Snapdeal, Japanese multinational conglomerate SoftBank Group is now set to invest in another Indian e-commerce space Paytm Mall. It is estimated that Paytm Mall may receive a funding around $500-600 millions in a fresh round. As per the reports, SoftBank will put around $300 million into the e-commerce venture operated by Vijay Shekhar Sharma's Paytm E-commerce Pvt Ltd. Paytm Mall has already received funding from Chinese e-tailing company Alibaba, which now holds a majority stake in the company. Also, SoftBank is one of the investors of One97 Communications, the parent company of Paytm wallet and holds around 20 percent. The telecom conglomerate already holds majority stakes in Snapdeal, which it tried to merge with Flipkar...
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