PAYTM DEVELOPMENT
Softbank exits Paytm at loss of around $150 million
Softbank held around 18.5 per cent stake in Paytm before the company's initial public offering (IPO) in 2021. It held a 17.3 per cent stake through SVF India Holdings (Cayman) Ltd and 1.2 per cent through SVF Panther (Cayman) Ltd.
Stocks in news: Delta Corp, Paytm, Delhivery, Mankind Pharma, JSW Steel
Sensex and Nifty hit records. Delta Corp's Q1 profit dips 34% to Rs 40.48 crore from Rs 61.43 crore last year. Paytm's One97 Communications faces labor notice. Bandhan Bank staff seek legal aid. JSW Steel updates production. Delhivery's equity sold by pension board. Hema CIPEF to sell Mankind Pharma stake. RVNL wins Nagpur Metro project. Mahindra cuts XUV700 price.
Paytm Bank, auditor lock horns over business viability
Paytm Payments Bank faces audit qualification disputes over viability, seeking RBI intervention. Compliance issues led to operational restrictions, prompting directions to transfer businesses. KYC guideline non-compliance has halted income generation and eroded net worth.
People's enthusiasm, excellent work to make India developed nation our biggest strength: PM Modi
According to the letter shared by organisers of the 7th foundation day of JITO Incubation and Innovation Fund (JIIF), the Prime Minister lauded the values of the Jain community for their work and efforts made in the field of education, health and other areas through JITO.
Koo calls it a day; Paytm Bank, auditor lock horns
Once touted as India’s response to Twitter, it’s curtains for homegrown microblogging app Koo. Details on this and more in today’s ETtech Top 5.
Wary Paytm to avoid regulated biz; Foxconn to make AI servers in India
Happy Friday! Paytm is steering clear of regulated businesses and will instead focus on building a strong distribution network. This and more in today's ETtech Morning Dispatch.
Amazon Pay India top up; GST summons for egaming firms
Amazon has pumped Rs 600 crore in its local fintech unit Amazon Pay India. This and more today’s ETtech Top 5.
Ecom Express sets the ball rolling for Rs 3,000-crore IPO
Third-party logistics firm Ecom Express is looking to list on the public markets to raise Rs 3,000 crore, two people aware of the development told ET. The Warburg Pincus-backed company has appointed bankers Kotak Capital, IIFL, Axis Capital, and UBS to take forward the process.
Ecom Express sets the ball rolling for Rs 3,000-cr IPO
"Ecom Express has initiated the process for the public issue, which includes both a fresh issue and an offer for sale from the existing investors. The company is likely to file its draft red herring prospectus soon," said one of the people cited above.
Adani Airports to chart next decade with $21 billion infusion
The business is housed under wholly owned subsidiary Adani Airport Holdings, which currently owns seven operational airports, in Mumbai, Lucknow, Ahmedabad, Jaipur, Guwahati, Thiruvananthapuram and Mangalore. Phase I of city-side development across 98 acres at airports in Mumbai, Ahmedabad, Jaipur, Lucknow and Guwahati has begun.
Block deals worth over Rs 40,543 crore this week. Indus Towers, HAL, Suzlon Energy among stocks with major action
Despite the Nifty index closing the shortened trading week with a slight increase of 0.4%, significant activity was observed in block deals. Over three dozen companies across various market caps saw block deals worth a total of ₹40,543 crore, involving both buying and selling.
PhonePe in talks with top smartphone brands to pre-install Indus Appstore
PhonePe launched its own Android-based app store, challenging Google's billing policy and commissions. It onboarded popular apps and gaming majors, offering zero listing and platform fees.
Stocks in news: Paytm, Indus Towers, Vedanta, Cipla, Gland Pharma
Domestic markets start positively with Paytm, Indus Towers, Vedanta, Cipla, Gland Pharma in focus. ZEE appoints acting CFO. Tata Technologies partners with Microsoft. Wabco to sell ZF equity. Craftsman Automation launches QIP. Fosun Pharma reduces stake. Vedanta monetises steel business. Goldman Sachs sells One 97 shares; Vodafone sells Indus Towers shares; Generative AI hackathon.
Paytm shares fall 3% amid reports of talks to sell movie ticketing business to Zomato
If the deal goes through, it will be among the largest buyouts for Zomato after it acquired Uber Eats in 2020 and took over quick commerce platform Blinkit in 2021 in an all-stock deal valued at Rs 4,447 crore.
Stocks in news: Zomato, Paytm, HAL, Som Distilleries, Adani Enterprises, TCS
Sensex and Nifty hit new highs. NCLAT directs NCLT to re-hear APL Apollo Tubes insolvency plea. Reliance Jio's tech collaboration with TM Forum sees 80% resource increase. Police investigate child labor at Som Distilleries. Mahindra Lifespace targets sharp increase in sales. Lupin enters CDMO business. Alembic Pharma receives FDA approval.
Irdai accepts registration withdrawal application of Paytm General Insurance
One97 Communications, owner of Paytm, will focus on distributing insurance products from various insurers after the Insurance Regulatory and Development Authority of India (Irdai) accepted Paytm General Insurance's registration withdrawal application. This move aligns with Paytm's strategy to enhance insurance distribution across Health, Life, Motor, Shop, and Gadgets segments through its subsidiary, Paytm Insurance Broking Private Ltd (PIBL). Paytm aims to innovate small-ticket insurance products for consumers and merchants, leveraging its extensive distribution network to increase insurance penetration.
Insurtech startup Finsall raises Rs 15 crore from Unicorn India Ventures, Seafund
Finsall, a Bengaluru-based insurtech startup, raised Rs 15 crore in bridge funding led by Unicorn India Ventures and Seafund. The funds will be used to establish a non-banking finance company for scaling lending operations and enhancing partnerships with insurers and lenders.
Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
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