Paytm E-commerce renamed as Pai Platforms, acquires ONDC seller firm Bitsila: Report

Paytm E-commerce has changed its name to Pai Platforms after receiving approval from the Registrar of Companies, said a report. The company had applied for a name change around three months ago and got the approval from the Registrar of Companies on February 8, PTI reported quoting sources aware of the development.

"... The name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited with effect from the date of this certificate... The company was originally incorporated with the name Paytm E-Commerce Private Limited," according to a Registrar of Companies notification dated February 8.

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The report also said that Paytm E-commerce acquired Bitsila, a seller platform on ONDC.

“Pai Platforms is a leading buyer platform on the ONDC network and Bitsila acquisition will further bolster its commerce play,” the source told PTI. 

Bitsila, launched in 2020 and operates as an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capability.

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The largest shareholder in Paytm E-commerce is Elevation Capital. It is also backed by Paytm Founder and CEO Vijay Shekhar Sharma, Softbank and eBay.

Meanwhile, shares of One 97 Communications, which owns the Paytm brand, plunged nearly 9% on Friday as investors continued to dump the stock.

Extending its previous day's decline, the stock dived 8.67% to ₹408.30 on the BSE.

At 2:35 pm, Paytm shares were trading 5.70% lower at ₹421.60 apiece on the BSE.

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