PAYTM FOUNDER
RBI's mandate for fintech SRO; Instamart’s new CEO
The Reserve Bank of India (RBI) expects self-regulatory organisations (SROs) to safeguard consumer interest and ensure responsible growth in the fintech sector. More on this on today’s ETtech Top 5.
Ola Electric to offer products on ONDC
Bhavish Aggarwal announced on X that all products by Ola Electric will be available on the government's ONDC. He said the products can be bought on the ONDC's buyer side apps like Ola Cabs, MagicPin and Paytm.
Paytm shares rise 3% as co completes transfer of events biz to Zomato
The transaction completion led to a boost in Paytm and Zomato's share prices. Payments will be completed after post-closing audit adjustments.
Apple’s hiring drive; Zomato's new ticketing feature
Apple’s shift from China is driving a massive surge in hiring in India. Details on this and more in today’s ETtech Top 5.
Paytm shares rise over 3% after clarification on Sebi notice
Shares of One 97 Communications, Paytm’s parent company, rose 3.5% to Rs 548.70 on the BSE today, following a clarification on the SEBI show-cause notice issued to founder Vijay Shekhar Sharma and former board members. Over the past year, Paytm's shares have fallen 40%, with a 16.3% decline so far this year.
Sebi pulls up Paytm founder Vijay Shekhar Sharma, director on IPO breaches: report
The issue revolves around whether Sharma should have been classified as a large shareholder, rather than an employee, when Paytm filed its IPO papers, the report said, citing two people aware of the matter.
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Paytm issues clarification on Sebi show-cause notice, says not a new development
One 97 Communications, the operator of Paytm, said that the show-cause notice related to founder Sharma's classification as a promoter was already disclosed in its financial results for March and June quarters. The company maintains it adheres to SEBI regulations regarding ESOPs and reported no financial impact from the notice.
Paytm shares drop 9% following report of Sebi's show-cause notice to Vijay Shekhar Sharma
Paytm Share Price: Paytm shares saw a 9% dip to Rs 505.25 following news that SEBI issued show-cause notices to Vijay Shekhar Sharma and ex-board members. The allegations involve misrepresentation during the IPO, focusing on Sharma’s promoter classification. This classification is significant due to regulations on ESOPs for promoters post-IPO.
ETtech In-depth | Bhim promised the moon but failed to deliver. Can NPCI turn it around?
NPCI plans to rejuvenate its Bhim app by creating a separate subsidiary and appointing a new CEO. The aim is to challenge dominant players like PhonePe and Google Pay, and enable smaller banks to adopt Bhim's UPI solution. PhonePe, Google Pay and Paytm grabbed market share with cashbacks, engaging payment experience and gamification of the payment process. BHIM kept on losing users to eventually land up with 0.17% market share as of July 2024.
BookMyShow vs Zomato; Swiggy valued at $11.5 billion
Happy Friday! BookMyShow may face intense competition from Zomato following its acquisition of Paytm's ticketing business. This and more in today’s ETtech Morning Dispatch.
Paytm biz acquisition may boost going-out vertical's gross order value to Rs 10,000 crore by FY26: Zomato CEO
Zomato's purchase of Paytm's events and movie ticketing division hinges on effective customer transition and team integration, as noted by CEO Deepinder Goyal. The Rs 2,048 crore deal includes onboarding 280 employees. Initial operations will remain on separate apps, later merging into a new app, District, aimed at consolidating dining and event services.
Zomato acquires Paytm’s ticketing biz; Bluestone’s fundraise
Paytm on Wednesday said it will sell its entertainment ticketing business to Zomato for Rs 2,048 crore. Details on this deal and more in today’s ETtech Morning Dispatch.
Zomato to acquire Paytm’s movie ticketing, events biz for Rs 2,048 crore
ET reported on June 16 that Zomato is looking to acquire Paytm’s movie booking and events unit -- in a deal that may value Paytm’s vertical at around Rs 1,600-1,750 crore. Paytm also confirmed discussions regarding the potential transfer of its entertainment business in an exchange filing, saying that all discussions are preliminary and non-binding at this stage.
New UPI fraud trend: Fraudsters spamming UPI IDs with multiple collect requests; one careless approval means money gone from bank a/c
UPI scam: Fraudsters are decoding your UPI ID to send spam UPI collect money and autopay requests. These requests are all genuine, however the request is being initiated by fraudsters. So instead of paying for Netflix subscription for your account, you may end up paying it for the fraudster's account. Be careful about this new UPI scam.
UPI market share cap delay likely to keep online payments pie unchanged
The 30% market share cap in the UPI segment was considered improbable with only a few months left until the deadline. Newcomers revised their plans as PhonePe and Google Pay retained dominance. The government had not yet provided an official stance to the NPCI on this matter. On the other hand, NPCI has been allowing multiple consumer internet platforms with a large user base to become third-party application providers and launch their own UPI offerings.
India Inc promoters cash out Rs 1 lakh crore in 2024. Sign of stock market peaking?
In 2024, promoter sales exceeded Rs 1 lakh crore. Data from ETMarkets and Prime Database reveal that promoters of over 250 companies have sold stakes totaling approximately Rs 97,000 crore through bulk and block deals. Promoters of listed companies have also offloaded stakes through the OFS route which accounts for another Rs 7,300 crore.
Status quo on UPI market share cap; P2P lenders in focus
Happy Tuesday! The market share cap on Unified Payments Interface (UPI) apps may not be implemented before the deadline. Details on this and more in today’s ETtech Morning Dispatch.
Electric two-wheeler startups skid; Paytm’s profitability outlook
Top startups in the electric two-wheeler space saw a slide in market share in the first quarter, while legacy names revved up. This and more on today’s ETtech Top 5.
After raising $50 million, SaaS startup Loginext liquidates assets to US entity for $250k
Backed by Tiger Global, Steadview, logistics software-as-a-service (SaaS) company winds up and sells assets to a Delaware entity Stellation Inc, per a July 8 board resolution. Employee stock plan cancelled, options terminated, amid layoffs at the firm. Chinese ecommerce giant Alibaba and Paytm also invested in the company in its early years but sold their stakes during the 2020 fundraise.
Fair pricing, macros aiding listing pop for new-age tech IPOs: SoftBank’s Sumer Juneja
The Masayoshi Son-led Japanese group’s cumulative holdings across the three recently listed companies, Ola Electric, FirstCry and Unicommerce, stand at about $2 billion following their market debut. Sumer Juneja credited domestic mutual funds for boosting demand.
Rapido's GST hurdle; Byju’s-BCCI settlement
Ride-hailing app Rapido has been held liable to pay goods and services tax (GST) for its cab service. This and more in today’s ETtech Top 5.
Paytm to focus on profitability despite fewer digital payment incentives in budget
The government has lowered incentive allocation for Rupay and UPI transactions by about 42% in the budget. Paytm CEO Vijay Shekhar Sharma denied any impact of lower allocation of incentives to promote small ticket digital transactions on his guidance over profitability this fiscal year.
Paytm's government nod; FM on angel tax
Paytm has secured government approval for a $5.97-million investment in a key subsidiary. This and more in today’s ETtech Top 5.
Paytm soars 10%, hits upper circuit after govt approves FDI proposal for payment aggregator biz
Paytm FDI Proposal Approved: Shares of fintech major Paytm surged up to 10% intraday on Friday following government approval of its foreign direct investment (FDI) proposal for the payment aggregator business. The financial services secretary announced that Paytm can now approach the Reserve Bank to seek the payment aggregator license, which will undergo further evaluation.
Paytm loss widens to Rs 840 crore, revenue falls; fintech plans to cut staff cost by Rs 500 crore
Paytm's Q1 financials were mainly impacted by RBI's action in March when it asked Paytm Payments Bank to halt banking services. The digital payments major, which saw its monthly transacting users fall to around 7.8 crore in June from 10.4 crore in January, said it is eyeing at least one profitable quarter this fiscal.
Zomato celebrates 16th birthday with Gold membership for 6 months at just Rs 30
The Zomato ad featured a large photograph of its founder and CEO, Deepinder Goyal, along with smaller images of the company's top executives. The text, written in Hindi, expressed gratitude to customers: “16th janamdin par aap sabhi ko apna pyar barsane ke liye koti koti dhanyavaad” (On our 16th birthday, a big thanks to all of you for showering us with love).
‘Should have done better … now learnt the lesson,’ says Paytm founder
Paytm is like a daughter who met with an accident and is in ICU, Vijay Shekhar Sharma says in the context of developments at the payments bank. "I saw it as a daughter on the way for an important entrance test, but met with an accident, and in a way is in ICU right now. That was the feeling from a personal, emotional (point of view),” Sharma said speaking at an event organised by JITO Innovation and Incubation Foundation in New Delhi.
Vijay Shekhar Sharma breaks silence on why senior-level employees are leaving Paytm; here's what he said
One97 Communications, the parent company of Paytm, underwent layoffs in June without specifying the number affected, offering outplacement support for transitioning employees. Despite questions about senior-level departures, founder Vijay Shekhar Sharma assured that all is well. Paytm's sales team decreased by 3,500 to 36,521 personnel due to regulatory impacts from the RBI's restrictions on Paytm Payments Bank.
Scam Exposed: Bengaluru man's viral chat reveals fraudulent techniques, Paytm's Vijay Shekhar Sharma reacts
A Bengaluru resident, Chetty Arun, engaged in a revealing chat with an online scammer, exposing the scammer's deceptive techniques. Arun's conversation not only shed light on the methods used by scammers but also garnered attention from Paytm founder Vijay Shekhar Sharma. The interaction highlighted the importance of cyber security awareness and vigilance in combating online fraud.
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