After being approved by the Registrar of Companies, Paytm E-commerce has changed its name to Pai Platforms, as reported.
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, effective from the date of this certificate. The company was originally incorporated with the name Paytm E-Commerce Private Limited, according to a notification from the Registrar of Companies dated February 8.
According to the report, Paytm E-commerce has acquired Bitsila, a seller platform on ONDC.
Pai Platforms is a leading buyer platform on the ONDC network, and the acquisition of Bitsila will further strengthen its commerce business, the source told PTI.
Bitsila was established in 2020 and operates as a ONDC seller platform that offers full-stack omnichannel and hyperlocal commerce capabilities. Paytm refuted the report of the acquisition, stating it to be’misleading’.
“We firmly deny the news of Paytm’s proposed acquisition of Bitsila. The said news is entirely misleading,” said Paytm spokesperson.
Paytm E-commerce has Elevation Capital as its largest shareholder. It is also backed by Paytm Founder and CEO Vijay Shekhar Sharma, SoftBank, and eBay.
As investors continued to dump the stock, One 97 Communications, which owns the Paytm brand, saw its shares drop by almost 9% on Friday.
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.
