Riding on e-commerce wave is the youngest state, which faces competition from neighbours.
Pai has direct and indirect investments in about a dozen companies.
Estimates suggest about $100 million has been poured into these companies and a lot more is still to come.
Paytm recently partnered with 1,000 educational institutions over admission fee payment through the app.
In August, RBI allowed 11 business houses to start a payments bank.
About 80 per cent of the companies that are registered are essentially non-IT.
There is an emerging trend of renting out designer outfits for a fraction of their market price.
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