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Paytm parent restructures to bring financial, tech entities under direct ownership - The Economic Times

Economic Times

Economic Times · 1m ago

Paytm parent restructures to bring financial, tech entities under direct ownership - The Economic Times

Paytm's parent, One 97 Communications, is restructuring to bring several subsidiaries under direct ownership. This move aims to simplify the corporate structure, enhance transparency, and boost operational efficiency. The plan includes acquiring stakes from founder Vijay Shekhar Sharma and making Paytm Financial Services a wholly owned subsidiary. The restructuring involves fair market value transactions and aims to strengthen governance and agility without changing ultimate ownership.

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Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million

Economic Times

Economic Times · 1y ago

Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million

Indian startups that were originally domiciled abroad are now making moves to shift their registered entities to India. Razorpay, a digital payments firm valued at $7.5 billion, has initiated a restructuring process to bring all of its India units under a single local holding company. This move is expected to reduce the company's tax outgo. Similarly, online stockbroker Groww has completed its domicile shift to India, accounting for around $60-70 million in taxes. Other startups, such as quick-commerce firm Zepto, are also planning to shift their domiciles to India. This trend is driven by the desire to align with regulatory frameworks and potentially prepare for IPOs in India.

Paytm Payments Bank Restructures Board; Manju Agarwal, Shinjini Kumar Quit

Inc42 · 1y ago

Paytm Payments Bank Restructures Board; Manju Agarwal, Shinjini Kumar Quit

Paytm Payments Bank has undergone a board restructuring as its independent directors, Manju Agarwal and Shinjini Kumar, have quit amidst the ongoing crisis caused by RBI's restrictions. Agarwal had a long tenure at the State Bank of India and also served as an independent director in other companies. Kumar, on the other hand, was previously the CEO of Paytm Payments Bank and has extensive experience in the Indian financial services sector. The RBI's restrictions prohibit Paytm Payments Bank from taking deposits or offering certain banking services.

Zomato partners with HDFC Pension to launch NPS model for delivery partners - The Economic Times

Economic Times

Economic Times · 2m ago

Zomato partners with HDFC Pension to launch NPS model for delivery partners - The Economic Times

Zomato has partnered with HDFC Pension to introduce an NPS model for delivery partners, providing retirement security under the National Pension System. This initiative aims to equip one lakh partners by 2025, promoting financial security through pension benefits. Over 30,000 partners have already received their Permanent Retirement Account Numbers. The initiative reflects a broader effort to bring gig workers under long-term financial planning, ensuring stability for their future.

Societe Generale, UBS, Tiger Pacific cut Paytm stakes below 1%

Inshorts · 1y ago

Societe Generale, UBS, Tiger Pacific cut Paytm stakes below 1%

Foreign portfolio investors Societe Generale, UBS Principal Capital Asia and Tiger Pacific Master reduced their holdings in Paytm to below 1% in the September quarter, Moneycontrol reported. The overall foreign portfolio investor ownership in Paytm fell to 16.77%, while foreign direct investment remained almost unchanged. Indian mutual funds increased their stake in Paytm to 7.86%.

Paytm Cloud acquires 25% stake in US-based Seven Technology

Economic Times

Economic Times · 10m ago

Paytm Cloud acquires 25% stake in US-based Seven Technology

Paytm Cloud is investing Rs 8.7 crore ($1 million) to acquire a 25% stake in US-based Seven Technology, as per One 97 Communications' filing. Seven Technology is the parent company of Dinie, a Brazilian API-first embedded finance startup that aids e-commerce platforms in offering financial services to MSMEs in Brazil. This strategic investment aims to enhance Paytm's understanding of the Brazilian market and merchant opportunities, making Seven Technology and Dinie associate entities of Paytm Cloud.

Paytm shares hit Rs 1,000-mark on business recovery, revenue growth - The Economic Times

Economic Times

Economic Times · 4m ago

Paytm shares hit Rs 1,000-mark on business recovery, revenue growth - The Economic Times

Shares of Paytm's parent company, One 97 Communications, have significantly rebounded, rising 117% in the past year. This recovery follows Paytm's approval to restart UPI customer onboarding after regulatory setbacks. The company has been improving business metrics, with a focus on merchant loans and financial services, bolstered by a Default Loss Guarantee initiative. While revenues declined 16% year-on-year in Q4FY25, Paytm achieved an operational profit excluding Esop costs.

Paytm Group CFO Madhur Deora to step down from board - The Economic Times

Economic Times

Economic Times · 4m ago

Paytm Group CFO Madhur Deora to step down from board - The Economic Times

Paytm's parent company, One97 Communications, announced board changes alongside its Q1 financial results. Group CFO Madhur Deora will retire as executive director at the next AGM and not seek reappointment. Independent director Bimal Julka resigned, and Urvashi Sahai was appointed as an additional director. Paytm reported a Q1 net profit of Rs 123 crore, with a 28% revenue increase to Rs 1,918 crore, driven by payments and lending business growth, while expenses dropped 18.5%.

Paytm Expands ESOP Pool With Additional Stock Options

Inc42 · 1y ago

Paytm Expands ESOP Pool With Additional Stock Options

Paytm, a leading Indian digital payments and financial services company, has issued new stock options worth over INR 28.14 lakh ($37,500). The shares bought through these options can be sold immediately without any lock-in period. This comes shortly after the company issued over 2.8 lakh shares under its Employee Stock Ownership Plan (ESOP) 2019.

BharatGen bets on small models to hit big AI goals - The Economic Times

Economic Times

Economic Times · 2m ago

BharatGen bets on small models to hit big AI goals - The Economic Times

An academic consortium based out of IIT Bombay, BharatGen last week secured the largest government support under the India AI Mission — Rs 988.6 crore. Seven other entities were also selected under the mission to receive incentives for building foundational AI models.

One 97 Communications approves investments in subsidiaries via rights issue - The Economic Times

Economic Times

Economic Times · 3m ago

One 97 Communications approves investments in subsidiaries via rights issue - The Economic Times

One 97 Communications, the parent company of Paytm, has approved investments in its subsidiaries through a rights issue. This move aims to infuse fresh capital into the company and support its growth initiatives.

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