paytm | Pixr8 News

26Feb By AnkitaNo Comments

FUNDING

PhonePe Receives $60 Million Funding From its Parent Firm

Flipkart-owned digital payments company PhonePe has received around $60 million from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was INR 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about $100 million from its parent firm, while another $80 million was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google ...

Paytm Invest in Bus Ticketing Software Provider

3Dec By NitishNo Comments

FUNDING

Paytm Invest in Bus Ticketing Software Provider

One97 Communications Ltd, which owns Paytm has made a strategic investment in Rajkot-based bus ticketing solutions provider Infinity Transoft Solutions. While the company did not disclose investment details, sources close to the development said Paytm has pumped in upwards of Rs 10 crore. Paytm entered the online bus ticketing space in 2015 and currently offers bus tickets across more than 62,000 routes through its integrations with more than 2,000 private bus operators. It also offers online ticketing for state-run road transport corporations in Andhra Pradesh, Telangana, Gujarat, Uttar Pradesh, Maharashtra and others. "We are excited to announce our strategic association with Infinity. This partnership will help us bolster our payments and ticketing technology solutions for b...

25Nov By AdityaNo Comments

FUNDING

Paytm raises $1 billion in funding at $16 billion Valuation

NEW DELHI, 25th Nov 2019- India's leading digital payment firm Paytm has raised fresh $1 billion funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial. T. Rowe Price Associates, Inc. and Discovery Capital are the new investors participated in this round. However, Paytm did not officially disclose the details but as per Pixr8 sources Paytm raises $1 billion in the latest round. The company will expand into insurance, lending and investments and invest $1.39 billion over the next three years to include more users in the country, Paytm said. After this funding round Founder & CEO of Paytm, Vijay Shekhar Sharma has said, “At Paytm, we are committed to bringing half a billion Indians to the mainstream economy b...

This is How Much Paytm Founder Earned in FY20

22Oct By AdityaNo Comments

News

This is How Much Paytm Founder Earned in FY20

Paytm founder Vijay Shekhar Sharma will take home a remuneration of $423000 (Rs 3 crore) in this fiscal, as per regulatory filings. The proposal pertaining to Sharma's remuneration was approved by members of One97 Communications Ltd at their Annual General Meeting on September 30, 2019, filings with the Corporate Affairs Ministry showed. "...consent...is hereby accorded to approve the remuneration to be paid to Mr Vijay Shekhar Sharma, Managing Director of the Company for the financial year 2019-20, as recommended by the Board and Nomination and Remuneration Committee at their meetings held on September 4, 2019...," it added. Apart from the $423000 remuneration, Sharma will also be entitled to perquisites that include heads like vehicles, fuel expenses, accommodation, travel expen...

Paytm to buy Stake in Yes Bank from Co-founder Rana Kapoor

10Sep By PriyankaNo Comments

BUSINESS

Paytm to buy Stake in Yes Bank from Co-founder Rana Kapoor

As per the latest update, India's leading payments app Paytm is in discussions to buy stakes in Yes Bank from co-founder Rana Kapoor. The sources, privy to the discussions, said Kapoor has held preliminary discussions with Paytm. They said the structure of the deal would depend on the approval from the Reserve Bank of India (RBI), given that Paytm founder Vijay Shekhar Sharma already owns stake in Paytm Payments Bank. Paytm declined to comment on the matter. Kapoor and associated entities own a 9.6 per cent stake in Yes Bank. Rana Kapoor didn't answer on the email of Pixr8 News. Also, Yes bank group didn't clear whether Rana Kapoor and family will sell their entire stake in the bank. Ravneet Gill, the current chief executive officer of Yes Bank who took charge in March, has ...

25Jul By PriyankaNo Comments

INDIA

WhatsApp to roll out payments service in India later this year

WhatsApp, which has over 400 million users of its messaging service in India, plans to roll out its much-awaited payments service in the country later this year, more than a year after it began testing the offering here. The Facebook-owned company has been testing its payments service in the country since last year with about a million users, but could not launch full-fledged services as it has been awaiting regulatory approvals. Speaking at an event here on Thursday, WhatsApp Global Head Will Cathcart said the company's vision is to make sending money as easy as sending messages on the platform. "We built payments based on the UPI standard, partnered with banks here in India... We believe that if we did this right, it will accelerate financial inclusion and bring more people in I...

Mobikwik Looking to Raise more funds before IPO

17Jun By AnkitaNo Comments

News

Mobikwik Looking to Raise more funds before IPO

Mumbai: Digital payment app Mobikwik is looking to onboard an investor who will help it go public in the next three years, a top official has said. The 2009-incorporated company is planning to report its first quarterly profit in March and will be profitable from a full year perspective from FY21. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh said. Singh said he is in talks with multiple players but refused to share more details including to specify whether it will be a strategic or a financial investor. Mobikwik already has Sequoia Capital, Bajaj Finance and South African firm Net 1 UEPS Technologies among its investors. The company, whose competitors includ...

Ernst & Young probes Cashback fraud at Paytm Mall

14May By AdityaNo Comments

News

Ernst & Young probes Cashback fraud at Paytm Mall

E-commerce platform Paytm Mall has engaged consulting and audit major EY to investigate a cashback fraud involving some of its employees and merchants, according to sources. Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers. According to sources close to the development, the investigation has been going on for almost a fortnight and some employees have also been fired. When contacted, Paytm Mall in an e-mailed statement said, under the partnership, EY will "undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes". It will also recommend global practices that will be applied to build a tech-driven fraud prevention system. Admitting that its c...

7Jan By Press Trust of IndiaNo Comments

FUNDING

Indian Startups raise $38.3 bn Funding in 2018: Report

New Delhi: Indian startups are estimated to have raised $38.3 billion in funding in 2018, behind only the US and China, a report by Yostartups said Thursday. Flipkart’s $16 billion deal with American retailer Walmart accounted for the biggest piece of the pie, followed by Swiggy raising about $1.3 billion over three deals, and OYO picking up $1 billion in 2018, the report said. Other big funding deals included those by Paytm Mall ($895 million), ReNew Power ($495 million), Byju’s ($422 million) and Zomato ($410 million). Around 1,000 deals were signed by Indian startups in 2018 with areas like e-commerce, fintech, sustainability and renewable energy, transportation and logistics, health and wellness, and travel and tourism attracting the highest investments, it adde...

Know Why RBI Banned Paytm Payments Bank to Open New Accounts

20Dec By Gauri SinghNo Comments

INDIA

Know Why RBI Banned Paytm Payments Bank to Open New Accounts

It had been reported that RBI had banned Paytm’s payments bank from opening new accounts and e-wallets in August. Want to know why? We have the answer. RBI for the first time has disclosed the reasons behind the move. The four reasons! The apex financial authority of India said that the Noida-based company was in violation of know-your-customer (KYC) rules while on-boarding users. These precise violations are not clear. Secondly, it has also been stated that the RBI was also not contended with the close relations between Paytm founder Vijay Shekhar Sharma’s One97 Communications and the entity that runs Paytm Payments Bank (PPB). The bank is owned 51% by Paytm owner, while the rest is owned by One97 Communications and its subsidiaries. The a...

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,...

Digging Into the Twists & Turns of Paytm Extortion Case

25Oct By Gauri SinghNo Comments

Story

Digging Into the Twists & Turns of Paytm Extortion Case

The case regarding Paytm that got hyped after Vijay Shekhar Sharma’s secretary Sonia Dhawan along with three other Paytm employees blackmailed him for Rs 20 crore against the leak of the confidential information of the company. Sonia Dhawan was the Vice President, Corporations/PR at Paytm and started her career in the company as Vijay Shekhar Sharma's secretary. Being the secretary of the founder, she had access to almost all documents and data of the company. Along with her husband Rupak Jain and Devendra Kumar, who worked as senior manager in the administration department of the company, she planned the extortion and took it forward. These were the allegations because of which they were arrested and taken by the Police, however, the story contains a lot more twist. Let us now know mor...