About three months ago, Paytm E-commerce submitted an application to change its name, and on February 8 the Registrar of Companies approved it.
According to a source, Paytm E-commerce has rebranded as Pai Platforms following approval from the Registrar of Companies.
Amidst a regulatory problem that is impacting its payments operations, Paytm is allegedly nearing completion on an agreement to buy Bitsila, an interoperable e-commerce startup based in Bengaluru.
Paytm, however, denied the report of the aforementioned transaction, calling it “misleading.”
We adamantly refute reports that Paytm plans to buy Bitsila. The Paytm representative stated, “The said news is completely inaccurate.
The purchase is anticipated to be finalized this coming week, and Bitsila is now ranked third among seller-side platforms on the Open Network for Digital Commerce (ONDC), according to a media report.
The Registrar of Companies approved the company’s request for a name change around three months ago, and on February 8 PTI published information citing people who were aware of the event.
With effect from the date of this certificate, the company’s name has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited. The firm was first registered under the name Paytm E-Commerce Private Limited, as stated in a February 8 notice from the Registrar of Companies.
Additionally, the article stated that Bitsila, an ONDC seller platform, was purchased by Paytm E-commerce.
The source told PTI, “Pai Platforms is a leading buyer platform on the ONDC network, and its commerce play will be further bolstered by the Bitsila acquisition.”
Bitsila is an ONDC seller platform that was introduced in 2020 and offers full-stack multichannel and hyperlocal commerce capabilities.
Paytm, however, denied the report of the aforementioned transaction, calling it “misleading.”
We categorically refute reports that Paytm is considering purchasing Bitsila. A Paytm representative stated, “The aforementioned news is completely false.
Elevation Capital is Paytm E-commerce’s largest stakeholder. eBay, Softbank, and Paytm CEO and founder Vijay Shekhar Sharma all support it as well.
In the meantime, Friday saw a roughly 9% decline in shares of One 97 Communications, the company that owns the Paytm brand, as investors kept selling the stock.
The stock fell 8.67% to ₹408.30 on the BSE, extending the loss from the day before.
At 2:35 p.m., Paytm’s stock was down 5.70% on the BSE, trading at ₹421.60 per share.
