Page 4 - One97 Communications

Paytm subsidiary inks pact with Startup Bihar to offer banking solutions

One97 Communications, which owns the Paytm brand, on Friday announced that its wholly-owned subsidiary Paytm Payment Services Limited (PPSL) has signed a pact with Startup Bihar to promote the state's startup ecosystem. Under the memorandum of understanding (MoU), PPSL will help startups grow their businesses with the Paytm Startup Toolkit, which offers solutions in payments, payouts, banking, and distribution. Paytm Startup Toolkit will aid, simplify, and accelerate business ventures of youth in their early stages of growth, One97 Communications Limited said in a release. Additionally, the Paytm Incubation Centre will empower early-stage startups in their journey. It will help young entrepreneurs gain new user acquisitions, access funds, and access more facilities. Startup Bihar is the state government's ambitious initiative to promote startups. Since its inception in 2016, it has fostered a startup and innovation ecosystem in Bihar on a large scale. The Bihar Startup Policy 2022

Near-term sales growth, profitability on fintech giant Paytm's horizon

Revenue was at Rs 2,518.6 crore and payment processing charges were up 6.5 per cent q-o-q and were 54.4 per cent of payments services revenue

PPBL 'at farm' length from One97 Communications, says Paytm CEO Sharma

Paytm Payments Bank Ltd and One97 Communications Ltd (OCL) are two different companies which operate not just at arm's length but "at farms" length, a top official of Paytm said on Saturday. In response to a question on the impact of the RBI banning Paytm Payment Bank Ltd (PPBL) from onboarding new customers, Paytm founder and CEO Vijay Shekhar Sharma during the company's second-quarter earnings call said that the company does not need incremental customers for the growth of credit business. "Paytm Payments Bank Limited and Paytm, which is OCL, are two very different companies not just at arm's length, I call it farm length now. The approach here is of a completely clear understanding that whatever Paytm Bank does is for its good and for their business plan," Sharma said. PPBL is a group company of Paytm in which it holds a 49 per cent stake. However, Paytm books show PPBL as an associate of the company and not as a subsidiary. Sharma said Paytm acquires consumers for various consu

Operating performance update points to healthy outlook for Paytm stock

By end-August the company had 8.7 million devices deployed, almost doubling from 4.5 million devices in August 2022

One97 Communications shares jump nearly 7% as Sharma buys Paytm stake

Shares of fintech firm One97 Communications jumped nearly 7 per cent on Monday, following news that its founder and CEO Vijay Shekhar Sharma will acquire 10.30 per cent stake in Paytm from Antfin (Netherlands) Holding BV, through an off-market transfer in a no-cash deal. The stock of Paytm's parent firm climbed 6.95 per cent to settle at Rs 850.75 apiece on the BSE. During the day, it zoomed 11.57 per cent to Rs 887.55. On the NSE, it rallied 6.82 per cent to end at Rs 851 per share. During the day, it jumped 11.43 per cent to Rs 887.70. The company's market valuation advanced Rs 3,511.4 crore to Rs 53,957.14 crore. Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma. As per the deal, Sharma will purchase 10.30 per cent shareholding in Paytm from Antfin through his 100 per cent owned overseas entity -- Resilient Asset Management BV. Resilient Asset in return will issue debt instrument OCDs (optionally convertible debentures) to ...

Vijay Shekhar Sharma to buy a 10.3% stake in Paytm from Antfin for $628 mn

After the transaction, Sharma's stake in the company will rise to 19.42%, and Antfin will cease to be the largest shareholder of Paytm

Paytm's Q1 earnings may be a blip; analysts positive on the stock

Paytm reported a net loss of Rs 360 crore, but revenue grew 39 per cent year-on-year (YoY) to Rs 2,340 crore

Paytm Q1 results: Loss narrows to Rs 358.4 crore, revenue jumps 39.4%

Fintech firm One97 Communications, which operates under the Paytm brand, on Friday reported the narrowing of loss to Rs 358.4 crore in the April-June quarter of this fiscal. The company had posted a loss of Rs 645.4 crore in the same period a year ago. The revenue from operations of the company increased by 39.4 per cent to Rs 2,341.6 crore during the reported quarter from Rs 1,679.6 crore in June 2022 quarter.

Zomato, Paytm: New-age stocks hit multi-month highs; is there more upside?

New-age companies may rise up to 29 per cent in the forthcoming seasons as market sentiment improves amid record-breaking run in benchmark indies

SoftBank sells another 2% stake in Paytm; holding slips below 10%

Japanese investor has monetised $900 million to $1 billion on a total investment of $1.6 billion: Sources

Softbank sells another 2% stake in Paytm, total holding now below 10%

Earlier in May, Softbank had sold another 2.07 per cent of its stake in Paytm through a series of open market operations starting February

Paytm signs MoU with Goa for electricity, water, municipal tax payments

One97 Communications Limited, the owner of Paytm, on Thursday announced the signing of a memorandum of understanding with the Goa government to facilitate digital payments, a senior official said. Abhay Sharma, chief business officer, payments, Paytm, said the memorandum of understanding (MoU) was signed in the presence of Goa Chief Minister Pramod Sawant and the state finance secretary, V Candavelou. Sharma said Paytm will deploy its payment devices like Paytm QR code, soundbox and card machines in all departments, including panchayats and municipalities, where users can make payments for electricity, water, and municipal taxes. With this, users can make payments for various services through Paytm UPI, UPI Lite, Paytm wallet, netbanking, debit and credit cards, he added. Sharma said as India's leading tech innovators, the company has been at the forefront of driving the digital revolution in the country through the industry-first payment solutions. We are happy to sign this exclu

Paytm Q1: Value of loans disbursed increases 167%, GMV rises 37% YoY

Focus is on payment volumes that generate profitability, says fintech company

Paytm partners with Shriram Finance to strengthen its loan distribution biz

Now, Shriram Finance products will be available on Paytm's platform

Shriram Finance, Paytm come together to augment digital financial services

One97 Communications Ltd, owners of the brand Paytm, on Friday said it has partnered with retail non-banking finance company Shriram Finance Ltd to offer financial services to its users, including loan products. Through this joint venture, Shriram Finance products would be made available on the digital platform to further expand Paytm's business to credit services as well, and drive financial inclusion. With its technology-led lending, Paytm has strengthened the credit ecosystem by partnering with marquee financial institutions to digitally distribute loans. "India is witnessing high growth in retail credit demand. It is only likely to increase with greater participation from rural and semi-urban India. A lot of this demand will come from a digitally literate, young generation brought up in the mobile telephone proliferation era and those having comfort in making all their transactions through handheld devices," said Shriram Finance Ltd executive vice chairman Umesh ...

Shares of Paytm rally 6.2% following an upgrade by BofA Securities

Paytm has a cash balance of nearly Rs 8,270 crore, over 15 per cent of its market capitalisation

Paytm's loan disbursals more than doubled to Rs 9,618 crore in Apr and May

The total number of loans via Paytm was up 54% to 8.5 million during the period, as compared to 5.5 million last year

Paytm Payments gets RBI nod to re-appoint Vijay Shekhar as part-time chair

Paytm Payments Bank has received RBI nod to re-appoint Paytm CEO Vijay Shekhar Sharma as part-time chairman for a year, a regulatory filing said on Tuesday. "We have been informed that Paytm Payments Bank Ltd (PPBL) has received approval of RBI for re-appointment of Mr. Vijay Shekhar Sharma as Part-time Chairman of PPBL, for a third term starting from May 23, 2023, for a period of one year," One97 Communications said in a regulatory filing. One97 holds a 49 per cent stake in PPBL and Sharma holds the rest of the stake in the entity.

Paytm rallies 5% as Q4 loss narrows; Goldman Sachs sets Rs 1,150 target

The company reported a net loss of Rs 168 crore for Q4FY23 as against a net loss of Rs 763 crore in the year ago quarter.

Paytm's next target is profitability, says CEO Vijay Shekhar Sharma

The fintech giant, in its Q4 results for FY23, managed to narrow its losses to Rs 168 crore