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Paytm To Reach Japan in Collaboration With Softbank Group

23Jul By Gauri SinghNo Comments

News

Paytm To Reach Japan in Collaboration With Softbank Group

With Paytm showing a commendable growth in every aspect, the digital payments giant is planning to launch its operations in Japan in collaboration with Masayoshi Son’s Softbank Group. This event is expected to take place by the end of 2018. People familiar with the matter stated that Son is trying to mark his footprints in this sector as well. The service, as a collaboration with Indian digital payments giant Paytm, will make aggressive use of artificial intelligence for mobile payments and other financial services as well. A number of Paytm employees are working in Tokyo on getting the service up and running. Son, who created the world’s largest technology investment fund, is moving towards a crowded field. Japan’s biggest instant-messaging service ‘Line’ and flea-market app ‘Mer...

Paytm Mall to Hire 5,000 College Graduates, Massive Recruitment Drive

21Jul By Gauri SinghNo Comments

News

Paytm Mall to Hire 5,000 College Graduates, Massive Recruitment Drive

Paytm Mall, the in-app service of the digital payment platform Paytm, in its massive recruitment drive, is expecting to hire around 5,000 college graduates. On Friday, the company introduced the second edition of the Campus Icon programme and has started with the process. This particular programme will be taken forward for five weeks and has been built to assist the students in enhancing their vocational capabilities. The participants will be given a variety of exercises in technology, marketing and sales which would improve their skills. “The inaugural edition of our Campus Icon Programme turned out to be a great success with students participating from thousands of colleges across the country. This year, we plan to reach out to even more students — making Campus Icon one of the large...

18Jul By Gauri SinghNo Comments

FUNDING

BookMyShow Raised $100 Million in Series D Funding

BookMyShow, the online entertainment ticket booking platform has raised $100 million (Rs 685 crore) in Series D funding round which was led by TPG Growth, the middle market and growth equity investment platform of alternative asset firm TPG. The latest funding round saw the participation of other existing investors too. Bigtree Entertainment owned company has been looking forward to growing the non-movie business to a great extent and thus, these funds will be used in some of these areas for growth. “BookMyShow is excited to welcome TPG Growth as our newest partner. They bring with them extensive experience across the global media and entertainment sector, which will be instrumental as we look to accelerate our growth plans in this space. The strategic value that all our investors cont...

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...

Ofo To Close Down in India: Fires Majority Staff

10Jul By Gauri SinghNo Comments

News

Ofo To Close Down in India: Fires Majority Staff

World’s first station-free bike sharing platform ‘Ofo’ is reportedly closing down its operations in India. The Alibaba-backed Chinese company, therefore, has fired a majority of the staff that was responsible for its India operations. The company was established in the country last year in the month of November. It had spread its business in various cities of India including Chennai, Indore, Ahmedabad, and Pune. However, the company claimed that Ofo has stopped its operations in all the but in Pune, it has tied up with the Pune Municipal Corporation (PMC) to support the Pune Cycle Plan. Ofo had promised the employees that they would have a discussion regarding the operational roadmap for the next few years. But, these things never took place and the employees were not even given the ...

Paytm Claims to Reach 5 Billion Transaction in a Year

9Jul By Gauri SinghNo Comments

News

Paytm Claims to Reach 5 Billion Transaction in a Year

The digital payments giant Paytm has reportedly claimed to reach the milestone of run rate of 5 billion transactions per year, along with the value of $50 billion GTV (Gross Transaction Value) transactions being processed in the platform every year. The company, in the last quarter, showed a growth of 500 percent in terms of peer-to-peer transactions. On the basis of UPI payments, the company states that it has processed more than 400 million transactions since January when it launched the product on its platform. “A bulk of these transactions are originating in tier-two and three cities like Surat, Durgapur, Meerut and others with more than 25% of the users using Paytm in regional languages,” the company said in a statement. The company also told about the increase in the customer ba...

Paytm Acquires a Hospitality Startup ‘NightStay’

4Jul By Gauri SinghNo Comments

ACQUISITION

Paytm Acquires a Hospitality Startup ‘NightStay’

The digital payment giant Paytm has taken over a Delhi-based company called ‘NighStay Travels’ that helps the customers to book hotels last minute. The acquisition has been made for around $2o million (around Rs 130 crore) in a cash-and-equity deal, through which Paytm is entering the hospitality space as well. Founded by Nasr Khan and Deepak Negi, NighStay is basically a mobile-based marketplace that offers its customers attractive deals and unbeatable prices for various luxury hotels. The company currently operates across 12 cities that are Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, Goa, Ahmedabad, Jaipur, Kochi, Pune, Agra and Chandigarh. Paytm will bring in the entire NightStay team. Talking about the investment part, it has been reported that the hospitality company had ...

UPI Payments Received 30% Growth in June Month

4Jul By AnkitaNo Comments

INDIA

UPI Payments Received 30% Growth in June Month

According to the data available with the National Payments Corporation of India (NPCI), India's unified payments interface (UPI) payments received 30 percent growth, over 246 million users in June month. A total of 246.37 million UPI transactions were conducted in June this year, as against 189.48 million in May 2018, recording the highest month-on-month rise for this year, the data showed. The total value of these UPI transactions stood at Rs 40,834.03 crore in the month of June as compared to Rs 33,288.51 crore in the preceding month, it added. During the conversation with Pixr8 News, PhonePe Head of Payments and Financial Services Hemant Gala said our platform drove over 50 million UPI transactions at over Rs 100 billion total payment value (TPV) in June. "We are also one of...

Popular Startups That Secured Funds From Ratan Tata

2Jul By Gauri SinghNo Comments

FUNDING

Popular Startups That Secured Funds From Ratan Tata

Indian industrialist and investor, Ratan Naval Tata who is well known as the former chairman of the popular conglomerate Tata Sons (one of the two holding companies of Tata group). Ratan Tata has done a commendable job in terms of investment activities and has been taking a keen interest in the Indian Startup ecosystem. With the help of his private investment company RNT Associates, Tata has marked his footsteps on various startups in the country. Though most of his investments are undisclosed amounts, it is a big honor for startups that are successful in bringing Ratan Tata on board. Also, you might be thrilled to know that Tata has been honored with the Padma Vibhushan in 2008 and Padma Bhushan in 2000, the second and third highest civilian honors awarded by the Government of India. ...

Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners

26Jun By NitishNo Comments

News

Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners

India’s largest digital wallet company Paytm will now start offering life insurance cover of up to Rs 5 lakh to its offline partners and their staffs. One97 Communications, the parent company of Paytm, said that this effort will help in giving a push towards realizing India’s vision of the digital economy. Paytm will offer life insurance cover through its newly formed entity Paytm Life Insurance Corporation Ltd, which was established in February this year. This newly formed entity will offer life insurance cover in partnership with the existing life insurance player. The name of this life insurance player has not been disclosed by Paytm. IRDA, the insurance regulatory body had granted Paytm the corporate license to sell insurance products in 2017. The license is reportedly valid only...

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...

Paytm Buys Out a Flipkart and Tiger Global Backed Firm

19Jun By Gauri SinghNo Comments

ACQUISITION

Paytm Buys Out a Flipkart and Tiger Global Backed Firm

India’s leading payment gateway Paytm on Tuesday has reportedly acquired Cube 26, which is a New-Delhi based technology company backed by Flipkart and Tiger Global. The tech firm had raised a seed funding from both the investors amounting to $7.7 million in 2015. The start-up was founded by Saurav Kumar, Abhilekh Agarwal, and Aakash Jain in 2012. Cube26 produces customized Android OS for original equipment manufacturers, and at present, it is building a games and apps store by connecting India-based developers directly with smartphone users. “We are focused on building a more immersive and feature-rich mobile experience for our large active user-base,” said Madhur Deora, the chief financial officer at Paytm. “We are excited to welcome the Cube26 team on board,” he added. According to ...