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Amit Sinha Appointed as a Chief Operating Officer of Paytm Mall

13Jun By PriyankaNo Comments

News

Amit Sinha Appointed as a Chief Operating Officer of Paytm Mall

Amit Sinha has been appointed the Chief Operating Officer (COO) of Paytm Mall. He will now be responsible for its overall operations, including expanding its team to ensure customers across India are able to buy the widest range of products and accept deliveries through our efficient partner logistics network. Amit was serving as the Sr. Vice President of Business in his earlier role. He has looked after HR & financial processes and has been with Paytm since 2008, helping build several new businesses. “Our goal is to build the country’s largest platform that enables trusted partners including brand and merchants in growing their business. We are innovating on multiple aspects of business and offering newer business opportunities for sellers”, said Amit. Paytm have de-merged it...

Paytm Eyes 3X Growth in Train Ticket Bookings This Year

1Jun By AnkitaNo Comments

News

Paytm Eyes 3X Growth in Train Ticket Bookings This Year

Digital payments platform, Paytm today said it expects to clock over 3X growth in number of train tickets booked through its platform this financial year. The company is also strengthening its overall travel vertical and will hire more people over the next two quarters. "Paytm is booking over one million train tickets in a month and has become Indias largest platform for train tickets booking, after IRCTC," it said in a statement. The Alibaba-backed company had launched online train ticket bookings in partnership with IRCTC in October last year. "Paytm is now targeting 3X growth this financial year," it said. Currently, 90 per cent of the train ticket bookings on Paytm are done through the mobile platform. "We are extremely overwhelmed by the response received for train t...

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

23May By AdityaNo Comments

News

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

New Delhi, May 23- Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 per cent interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement. Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, the company has earmarked initial investment of Rs 400 crore to build its banking network over two years. Paytm is the third entity in the country to launch a payments bank after Airtel and India Post. "RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets," Paytm Payments Bank...

Now Softbank Said Paytm Karo, Invested $1.4 Billion in Paytm

18May By AnkitaNo Comments

FUNDING

Now Softbank Said Paytm Karo, Invested $1.4 Billion in Paytm

Japanese conglomerate SoftBank has pumped in USD 1.4 billion (over Rs 9,079 crore) in Indian digital payments platform, Paytm, marking the largest fund infusion by a single investor in an Indian start-up. This is Softbanks largest investment in a single company in India. While both the companies have declined to comment on the valuation, market watchers say that the deal values Paytm at about USD 8 billion. The funding will help Paytm expand fast its soon-to-be launched payments bank operations as well as grow its user base and introduce more financial products for consumers. SoftBank joins Alibaba and its payments affiliate Ant Financial as amongst the largest investors in One97 Communications which operates Paytm. Interestingly, SoftBank was an early investor in Alibaba. "In ...

Paytm Appoints Renu Satti as a CEO of Paytm Bank, Shinjini Kumar Quits

17May By AnkitaNo Comments

News

Paytm Appoints Renu Satti as a CEO of Paytm Bank, Shinjini Kumar Quits

After months of delay, Paytm is now set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India. The digital payments and commerce firm has named Renu Satti as its new CEO, following the departure of Shinjini Kumar. "Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice. A Paytm spokesperson said: "We recently received approval from RBI for Renu Satti to be the CEO." Satti had joined Paytm in 2006 as manager human resources and over the years, has been involved with various departments at the company. Most recently, she was heading the movie ticketing business as vice president. Before Paytm, she has worked with M...

Paytm to Start Payments Bank Operations From May 23

17May By Press Trust of IndiaNo Comments

News

Paytm to Start Payments Bank Operations From May 23

After months of delay, Paytm is now all set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India (RBI). "Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice. The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity PPBL under the payments bank licence awarded to a resident Indian, Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm. After May 23, the Paytm wallet will move to PPBL. In case consumers do not wish for that, they have to inform Paytm, which will in turn transfer the wallet balance to the consumers bank accou...

Paytm Looking To Invest 193 Crore in Mumbai Based Insider.in

8May By PriyankaNo Comments

FUNDING

Paytm Looking To Invest 193 Crore in Mumbai Based Insider.in

Alibaba-backed Paytm is in discussions with Insider.in to pick up stake in the Mumbai based events platform for about Rs 193 crore. According to sources, Paytm could pump in as much as USD 30 million to pick up majority stake in Insider.in. They added that the deal could be announced in the next few weeks. Mails sent to Paytm and Insider.in did not elicit any response. Insider.in is a leading ticketing platform for events and properties, which includes the likes of Bacardi NH7 Weekender and TV series The Dewarists. If the deal fructifies, the digital payments and commerce platform will be able to strengthen its presence in the online ticketing business. The sources said Paytm has scaled up its operations in the movie ticketing business and now, the Noida-based firm is lookin...

3May By PriyankaNo Comments

News

Paytm Sold Over 30 kgs of Digital Gold

Alibaba-backed Paytm today said it has sold over 30 kgs of digital gold in six days of launching the service in partnership with gold refiner, MMTC- PAMP. Last week, the two companies had launched Digital Gold service that allowed customers to buy and sell gold through Paytms electronic platform. The facility allowed people to buy gold for as low as a Re. "We are registering high traction from smaller cities as well since consumers now have better access to high quality gold at small ticket prices," Paytm Senior Vice President Krishna Hegde said in a statement. Using their Paytm mobile wallets, consumers can purchase 24K 999.9 purity gold online and store it in MMTC-PAMPs secure vaults free of charge. They can also request for their gold to be delivered at their homes in the...

Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

Paytm in Talks With SoftBank to Raise $1.2-$1.5 Billion: Report

19Apr By AdityaNo Comments

FUNDING

Paytm in Talks With SoftBank to Raise $1.2-$1.5 Billion: Report

Electronics payments provider Paytm is in talks with Japan's SoftBank Group to raise $1.2 to $1.5 billion in cash, making the latter one of the largest shareholders in the fintech start-up, Mint newspaper reported on Wednesday citing sources. The deal, which could increase Paytm's valuation to $7 billion to $9 billion, will see SoftBank buying some shares from existing Paytm investor SAIF Partners and founder Vijay Shekhar Sharma beside investing money in the company, the report said. Local media had reported recently that SoftBank is keen to sell its stake in India's e-commerce firm Snapdeal in exchange for a stake in market leader Flipkart. Paytm may also buy Snapdeal-owned payments rival Freecharge, as part of the deal, the report said. Digital payments have assumed great si...

Paytm, Savlon Express Trains on Tracks Soon

14Apr By PriyankaNo Comments

News

Paytm, Savlon Express Trains on Tracks Soon

Paytm Express and Savlon Swachh Bharat Express will soon chug along the tracks as the Indians Railways roll out brand trains. Brands will find prominence on trains as the railways have offered the inside and the outside of compartments for showcasing products. Coaches of premier trains will be used for vinyl advertising of various brands including mobile e-company Paytm and Savlon of ITC, a railway official said. In an attempt to shore up its non-tariff revenue, railways will award advertising contracts of all Rajdhani, Shatabdi and Duronto Express shortly. Railways, which has earned Rs 10,181 cr from non-fare revenue sector in the 2016-17, set an ambitious target of Rs 14,000 cr in the current fiscal. Earnings from advertising on rail over bridge, rail under bridge, station...

13Apr By RishabhNo Comments

News

Amazon India Gets RBI Nod For Mobile Wallet

Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm. The approval will help the US-based giant to cash in on the booming digital payments market in India. "We are pleased to receive our PPI license from the RBI (Reserve Bank of India). Our focus is providing customers a convenient and trusted cashless payments experience," Amazon India said in a statement yesterday. In December, Amazon had launched its Pay Balance service to cash in on the digital payments boom. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on Amazon's platform. Amazon Pay runs on the PPI licence issue...