Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore following the ban imposed by the RBI on transactions related to its payments bank. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing. "Our fourth quarter FY24 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of the PPBL embargo.
'Sabra ka phal meetha nahi, Mirzapur 3 hota hai.' 'With Mirzapur 3, we take the narrative to a whole new level.'
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
Paytm is banking on its offline network of merchants to fight bigger rivals Amazon and Flipkart
Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma will receive his stock grants only after the company's market capitalisation (m-cap) stabilises at its initial public offering (IPO) level, the financial technology (fintech) major said on Wednesday. Paytm's stock price has been in free fall since its IPO at Rs 2,150 apiece, with m-cap at around Rs 1.4 trillion - plunging 76 per cent to a lifetime low of Rs 520 on March 23, when m-cap dropped below Rs 34,000 crore. Since then, the company's share price on the BSE has recovered some value and closed at Rs 637 on Wednesday.
All Chinese nationals on the board of digital payments firm Paytm have been replaced by US and Indian citizens, while there is no change in existing shareholding, according to a regulatory filing of the company. Alipay representative Jing Xiandong, Ant Financial's Guoming Cheng, and Alibaba representatives Michael Yuen Jen Yao (US citizen) and Ting Hong Kenny Ho have ceased to be directors of the company, as per the regulatory document. According to a source, Paytm now has no Chinese national on its board.
His investment in Paytm is in his personal capacity.
Sources further said that WhatsApp's policy update would also be evaluated in the context of the current legal framework.
Paytm's Rs 18,300-crore IPO -- India's largest public issue to date -- was subscribed only 18 per cent on the first day of bidding on Monday.
Alibaba is playing a big role in helping to train the senior management of the upcoming Paytm Payment Bank
While a three-year tax holiday and relaxation of capital gains for funds have been received favourably, others argue that not enough has been announced.
Paytm recently partnered with 1,000 educational institutions over admission fee payment through the app.
'To all the MBAs that burn the candle at both ends, travel half-a-million miles every year, and spend little or no quality time with their families, the rise to riches of Mr Bikhchandani and Mr Banga, should be true inspiration,' notes Sandeep Goyal.
According to its DRHP filed in 2010, the company's net worth was just Rs 140 crore. Its total income for the financial year 2009-10 stood at Rs 119 crore and it had a net profit of Rs 16 crore. In sharp contrast, at the end of March 2021, Paytm's networth was Rs 6,535 crore and total income stood at Rs 3,187 crore.
Digital payments and financial services firm Paytm has filed a draft red herring prospectus for its proposed Rs 16,600-crore initial public offering (IPO) with the Securities and Exchange Board of India.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
Paytm plans to launch mutual funds, insurance and banking services and s also providing the option to transact offline with a physical debit card
President Droupadi Murmu on Saturday approved 139 Padma awards including seven Padma Vibhushans, 19 Padma Bhushans and 113 Padma Shris.
Might opt for salaried employment after failure of his latest venture
Paytm, which recently hived off its e-commerce and payments bank businesses into separate companies, would use these fresh funds to bolster the two businesses
Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering USD 15.3 billion (67 per cent) to his last year's wealth to become one of Asia's top five richest.
For the four new players, the spike in wealth is 126 per cent.
Telecom operators stressed that differential pricing for data is necessary for growth.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
Digital payments and financial services firm Paytm is likely to allocate shares at the upper price band of Rs 2,150 apiece on November 16 after market regulator SEBI's approval which is expected to come on Monday, sources aware of the development said. Earlier the allocation was expected to take place on Monday and the Paytm Money app also displayed the same.
Who will make the most of the disruptions of 2016 this year? Mihir Sharma's list of probables.
Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.
The mobile wallet player plans to add more Chinese sellers to its e-commerce platform and boost technology for its soon-to-be-launched payments bank
The Bollywood Hungama OTT India Fest and India Entertainment Awards saw many winners, and the stars celebrate their wins on social media.
The device supports a host of India-specific apps and the more you use it, the better it gets.
Among the many exits from the billionaire's club in 2022 are D Uday Kumar Reddy of Tanla Solutions (net worth down 66 per cent), Sushil Kanubhai Shah of Metropolis Healthcare (down 65.7 per cent), Vijay Shekhar Sharma of One97 Communications (down 66 per cent), and C K Birla (down 43.4 per cent).
Picking 10 excellent performances has been difficult but the attempt is to acknowledge the work of actors, who are often overlooked in favour of stars.
The firm chooses UP for payments bank launch in February. Karan Choudhury reports.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
Experts believe that the sector should not jump to conclusions on WhatsApp Pay, which is still in its 'Beta testing' phase.
Three businessmen disclose their success mantras: One belongs to an old Marwari family, another is a second generation industrialist whose father scripted an amazing rags-to-riches story and the third was a professional till one day he succumbed to the charms of entrepreneurship.
Accuses foreign-funded competition of 'capital dumping' to capture market, bats for stronger regulations for sector.
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
Company to invest in 30 companies in the next three months and wants a portfolio of 70 firms by the end of FY17
