Page 2 - Paytm Founder Vijay Shekhar Sharma

Paytm plunges 42% in 3 days; erodes nearly Rs 20,500 crore in market value

Paytm's market capitalisation has eroded by Rs 20,497 crore in 3 days, while from its all time high level of Rs 1.24 trillion, the m-cap has been wiped off by nearly Rs 1 trillion

Fintech major Paytm denies any ED investigation into money laundering

Meanwhile, the company has cautioned against speculation on reasons that prompted the Reserve Bank of India (RBI) to take action against Paytm Payments Bank

ED to probe Paytm Payments Bank if charges of fund siphoning found

The (RBI) on Wednesday ordered the payments bank unit of One 97 Communications, popularly known as Paytm, to stop accepting fresh deposits in its accounts or popular wallets from March

Paytm's billionaire founder-CEO bets on young wealth to hit profit sooner

Billionaire founder-CEO Vijay Shekhar Sharma is overhauling its suite of money management products to better tap growing wealth among younger users, who're warmer to the idea of investing online

Sharp downgrades likely to keep Paytm stock under pressure in market

The buy now, pay later (BNPL) business may moderate sharply with disbursements down by 15-18 per cent

IiAS raises question on Vijay Shekhar Sharma's promoter status in Paytm

IiAS has asserted that the deal not only demonstrates investors' faith in Sharma but also highlights regulatory gaps in the definition and distinction between a founder and a promoter

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 Chief Vijay Shekhar seeks PLI scheme for payment segment devices

Fintech company One97 Communications, which operates under the Paytm brand, wants the government to bring payment segment devices under the production-linked incentive scheme to boost local production, a top company official said on Monday. Paytm founder and CEO Vijay Shekhar Sharma said the company has started manufacturing soundbox devices in India even though local production attracts higher taxes compared to imported ones. While announcing the launch of two new models of payment soundboxes, Sharma said that India is a services-dominated country and there is a need to go towards manufacturing for job creation. Making software in India and importing devices from China to operate -- it is depriving the country of full advantage of the technology, he added. "Paytm soundboxes are completely made in India. We have done indigenisation of soundboxes. As we all know, we are under pressure from one new thing. When soundboxes come from overseas, duty is not levied on them but we are requi

Startups have obligation to take India's flag to other countries: Paytm CEO

Startups have an obligation to take the Indian flag to other countries, founder and CEO of Paytm Vijay Shekhar Sharma said on Tuesday. "Right now we have reached the stage in the startup ecosystem where the mature companies should start to think that which countries we can export to, if we could export for our IT services," Sharma said at an event by the PHD Chamber of Commerce and Industry. Sharing his optimism about the rising global presence of Indian startups, Sharma said that he aspires for an anti-trust regulation by America and other nations on an Indian company. "I really wish in my lifetime that America is thinking of sanctioning us...multiple countries, and then you go for negotiations - don't do it!," he said. He also spoke on value creation for startups, the divide between traditional industries and startups and the next phase of generative technology and AI. Announcing that AI-first offerings will be in the forefront of operations, Sharma termed AI as the "biggest ...

Cos operating in India must abide by local regulations: Paytm Founder

Joining the debate on data localisation, Paytm Founder and CEO Vijay Shekhar Sharma on Monday said companies operating in India should abide by rules and regulations laid down by the country, and also have an obligation to protect data of citizens. Startups in India are at an "incredible inflection point" Sharma said, adding there is no dearth of funds for startups focussed on solving real-world challenges with their innovative approach. "I am all for protecting our citizen data. Let it be clear if you are operating in this country, you are supposed to be abiding by laws and regulations of this country. You can't say my court is in another country...," Sharma told PTI when asked about regulations proposed in the digital space. Indian companies such as Reliance Industries have been votaries for storing and processing of data generated of Indian users within the country while foreign firms want freedom to store data outside the country as well. The chief of the fintech player also ..

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

China's Alibaba Group sells its entire remaining 3.4% stake in Paytm

At the end of December, Alibaba had 6.26 per cent stake in the firm and it had sold around 3 per cent of it in January

Paytm is one of the most compelling growth stories: Goldman Sachs

The global research and broking house suggests investors buy the stock at the current levels and maintains a 12-month target price of Rs 1,100 on the counter

Paytm CEO Vijay Shekhar Sharma to face crucial test of investor confidence

The billionaire founder of Paytm faces a crucial test of investor confidence Friday, when shareholders will decide whether they want him at the helm.

Facing unfair competition from global tech giants, says domestic players

Top executives of 8 domestic tech firms, including Paytm founder Vijay Shekhar Sharma and OYO's Ritesh Agarwal, deposed before a parl panel and said they face unfair competition from big tech firms

Founders of Paytm, Oyo to meet parliamentary panel over competition issues

Top executives of 8 domestic tech firms, including founders of Paytm and Oyo, to meet parliamentary panel to discuss the market behaviour of technology platforms amid rising anti-competition concerns

Funds raised by Indian fintechs sees 296% jump in 2021 at $5.94 bn

Payments, according to the report, was the second-most popular category for US investors, as 167 companies received funding in 2021 in the APAC region.

RBI letter to Paytm Bank does not talk about data access: Vijay Shekhar

RBI in its letter to Paytm Payments Bank has not mentioned anything about data access but has asked the company to carry out an audit from a third party, a top official of the company said on Monday.

No harm to person, property in case involving co-founder, clarifies Paytm

Sharma was arrested and released on bail by Delhi Police last month for allegedly ramming his car into the official vehicle of South Delhi's Deputy Commissioner of Police