Monday, November 18

Tag: paytm

Paytm Gets Notice From Indian Post Over The Use Of Term “Postcard”
24Aug By RishabhNo Comments
News

Paytm Gets Notice From Indian Post Over The Use Of Term “Postcard”

Indian Post has sent a notice to digital payments company Paytm, asking them to stop using the term 'postcard' for one of its newly launched products Paytm Postcards. The digital wallet firm had recently introduced Paytm Postcards, a digital option to gift money to someone on festive occasions, launced during Rakhsa Bandhan this year. As per the report by TOI, the notice sent by the Department of Posts, said that only India Post has the sole right to use the word 'postcard' under the IPO Act rules and regulations. At the time of the rollout, a company statement said, “The country’s gifting industry is pegged at $40-42 billion, with several players reporting 20-40% annual growth. Paytm wants to establish itself in personal gifting by offering Paytm Postcards.” RELATED  ...
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Paytm Mall To Invest $35 Mn To Further Strengthen Its Logistics Network
22Aug By AnkitaNo Comments
CHINA

Paytm Mall To Invest $35 Mn To Further Strengthen Its Logistics Network

Paytm Mall is planning to put more money(around $35 million) to strengthen its logistics infrastructure, technology and add more product offerings to further strengthen its position in the market. "Paytm Mall is now expanding its logistics support by servicing demand with local supply to service same-day and next-day deliveries,” the company said in a statement. In the first phase, the company had limited its offerings to electronic goods and appliances across 25 cities. Now, it plans to expand its footprint to 100 cities and add other categories of merchandise as well. “We aim to build a trusted and highly-efficient logistics network to help local shopkeepers offer more convenient shopping experience to customers and enable brands to save up to 50% on logistics, as they will be able to...
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SoftBank Group May Invest $100 Mn In Rivigo Services
17Aug By RishabhNo Comments
FUNDING

SoftBank Group May Invest $100 Mn In Rivigo Services

After investing big in Flipkart, Paytm and Ola, SoftBank Group Corporation is looking to invest in another startup Rivigo Services, a transport logistics provider an amount of around $100 million as per the sources aware of the discussions. (more…)
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Paytm Further Delists Logistics Partners To Improve Customer Experience
26Jul By RishabhNo Comments
News

Paytm Further Delists Logistics Partners To Improve Customer Experience

Ecommerce platform Paytm Mall has once again made amendments in its quality control and to get things in order by delisting 6 out of its 14 logistics partners and 30 courier aggregation centres, and restricted delivery to 17,000 pin codes instead of 26,000 pin codes. Paytm cited customer experience and inability to meet service level agreements by the delisted logistics partners as reasons for the decision taken in response to an audit conducted by the marketplace. "None of the logistics partners which have been delisted are venture capital-backed," Sinha said. “We believe, working with fewer retailers and pin codes that leads to a superior customer experience is more important than rapid expansion,” said Amit Sinha, chief operating officer of Paytm Mall. Paytm had revamped its platfo...
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Paytm Forms Joint Venture With AGTech Media To Develop Games
24Jul By AdityaNo Comments
News

Paytm Forms Joint Venture With AGTech Media To Develop Games

One97 Communications Ltd. owned Paytm has recently formed a joint venture with Hong Kong's company AGTech Media to develop mobile games for Indian consumers,  AGTech Holdings Ltd said in a regulatory filing to the Hong Kong stock exchange on Monday, reported Mint. AGTech Holdings Ltd owns AGTech Media, which serves integrated lottery technology and services in China, and is a platform of Alibaba Group and Ant Financial Group for lottery. “The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India,” said AGTech. With this joint venture, AGTech Media will hold 45%, Paytm bei...
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Paytm Mall Revamps Seller Platform, Delists 85,000 Vendors, Focuses On Quality
17Jul By PriyankaNo Comments
News

Paytm Mall Revamps Seller Platform, Delists 85,000 Vendors, Focuses On Quality

Paytm Mall, the online retail arm of Paytm e-Commerce, has flushed out about 85,000 sellers that did not meet its new quality standards. According to Paytm, the move was part of its strategy to revamp its seller registration and on-boarding process to enhance its user experience on its platform. According to the company’s new policy, sellers will now have to mandatory furnish brand authorization letters before being able to sell their goods on the online platform. They will also have to submit their registration number, shop location and photos, and goods and services tax identification number in order to list their products on the platform, Paytm said. While the move comes a fortnight after the GST kicked in, Paytm maintains that the move to delists sellers is independent of the imp...
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Paytm Acquires Majority Stakes In Mumbai-based Ticketing Platform Insider.in
13Jul By AdityaNo Comments
ACQUISITION

Paytm Acquires Majority Stakes In Mumbai-based Ticketing Platform Insider.in

One97 Comunications owned India's largest digital payments startup Paytm has recently acquired majority stakes in a Mumbai based  online ticketing and events platform Insider.in as per the report. Founded by Shreyas Srinivasan in August 2014, Insider.in will continue running the business by enabling Paytm's  more than 200 million registered customers to discover a wide range of events and book them instantly. The terms of the acquisition are not disclosed for now. “Events discovery and ticket booking is a challenge for customers and organisers alike. We believe that digital discovery and events marketing expertise will increase supply of quality events in India. This is a natural extension for us,” Madhur Deora, chief financial officer, Paytm, said in a statement. Srinivasan sa...
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Paytm Likely To Pick Up Stakes In BigBasket For $200 Million
12Jul By Press Trust of IndiaNo Comments
News

Paytm Likely To Pick Up Stakes In BigBasket For $200 Million

Alibaba and SoftBank-backed Paytm is believed to be in discussions to pick up minority stake in online grocery retailer, BigBasket for about USD 200 million, according to sources. The due diligence is on and the deal could be finalised in the next few weeks, sources privy to the development said. They did not wish to be identified as discussions are still on and the deal has not been signed yet. When contacted Paytm declined to comment, while BigBasket said: "This is completely untrue". With people becoming comfortable buying even milk and bread online, online grocery segment is projected to witness a strong growth over the next few years. According to a report by Franchise India, the online grocery market is expected to be Rs 2.7 billion market by 2018-19. Industry watch...
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Paytm Seeks RBI Licence to Start Mutual Fund Service
21Jun By PriyankaNo Comments
News

Paytm Seeks RBI Licence to Start Mutual Fund Service

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers. According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services. When contacted, Paytm declined to comment. The primary objective of a money market fund is to invest in short-term securities. The Alibaba and SoftBank-backed company had, last month, started its payments bank operations in the country and aims to garner 500 million customers by 2020. The company has earmarked an initial investment of Rs 400 crore to build its banking network over two years. Also, it launched Digital Gold in April this year...
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Online retailers like Paytm and 1mg Offer Discounts Ahead of GST
15Jun By AnkitaNo Comments
News

Online retailers like Paytm and 1mg Offer Discounts Ahead of GST

Online retailers like Paytm are offering special discounts to consumers to ensure that their sellers stock is cleared before the GST tax regime sets in from next month. Paytm has a Pre-GST Sale going on, hosting over 6,000 retailers across more than 500 brands. Consumers can get discounts and cashback on a range of product categories like TV, laptops, mobile phones, ACs, refrigerators, DSLRs and footwear, among other items. "This sale has come at an opportune time for offline retailers who are looking to offload their entire inventory before the new tax rates become effective," Paytm said in an emailed response of Pixr8. Even online drug marketplace, 1mg has joined the bandwagon. "Due to GST, there may be shortage of medicines in July. Stock medicines@20 per cent off on 1mg.com to ...
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