PAYTM RIVALS
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.
Amazon tops up India payments business with Rs 600 crore
Amazon Pay India intensified competition with Paytm, PhonePe, and Google Pay, receiving a capital infusion of Rs 600 crore. The company invested Rs 950 crore in the platform and Amazon Seller Services, facing challenges due to RBI actions. With tie-ups for various services, Amazon Pay India reported significant operational revenue and narrowed net losses.
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.
Paytm reports almost flat growth in UPI payments in May
After RBI restricted Paytm Payments Bank, the UPI transactions on the Paytm app fell. This is the first month the fall has been arrested since February. In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
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Uber’s hyperlocal push; Paytm Bank’s bill pay biz transferred
Happy Thursday! Ride-hailing platform Uber is strengthening its hyperlocal deliveries from neighbourhood stores. This and more in today’s ETtech Morning Dispatch.
Girish Mathrubootham steps down as Freshworks CEO
Freshworks founder Girish Mathrubootham has stepped down as the chief executive and is being replaced by Dennis Woodside. This and more in today’s ETtech Top 5.
Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive
Paytm Money, the wealth management platform of One 97 Communication, has replaced chief executive Varun Sridhar, at the helm since 2020, with Rakesh Singh. Singh was the chief executive of broking services at Fisdom, a PayU-backed fintech. Sridhar will be moved to a different role within the Paytm group.
Swiggy confidentially files draft IPO papers for $1.25 billion public listing
Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.
Employees despair as bell tolls for Paytm Payments Bank; and other top startup & tech stories this week
While the regulatory action on Paytm Payments Bank managed to bring the entire business to a standstill, its largest business partner Paytm moved on to build new relationships with other lenders. Now its CEO who had joined the bank hardly a year back is set to leave by June 26.
Mukesh Bansal’s Cultfit gets new CEO; Google unveils Arm-based chip
Cultfit has formally appointed Naresh Krishnaswamy as CEO. Details on this and more in today’s ETtech Top 5.
Building AI compute capacity via marketplace model; Paytm’s UPI share dips
In early March, the union cabinet approved a Rs 10,371.92-crore India AI Mission that aims to build AI computing infrastructure of at least 10,000 graphics processing unit (GPUs) through public-private partnerships in five years.
Paytm Payments Bank CEO Surinder Chawla resigns
India's Paytm informed the exchanges that Surinder Chawla had resigned as the chief executive officer of its banking unit Paytm Payments Bank "on account of personal reasons". This comes almost a month after the entity stopped basic banking services under instructions from the Reserve Bank of India.
Rupeek’s steep down round; Paytm to become third-party UPI app
Gold loan startup Rupeek may soon be tying up a new funding round, albeit at a lower valuation. This and more in today’s ETtech Morning Dispatch.
NPCI allows Paytm to become third-party application on UPI with four banks
The permission will allow Paytm to offer UPI payment services through a multi-bank model, like rivals PhonePe and Google Pay, moving away from its exclusive partnership with associate entity Paytm Payments Bank Ltd.
Paytm UPI payments drop in February following RBI action
According to data shared by National Payments Corporation of India, One 97 Communication-run Paytm reported 1.3 billion transactions on UPI, a 7.6% drop from 1.4 billion in January.
User complaints spiked at Paytm Payments Bank even before RBI action
During FY23, Paytm Payments Bank reported 66,751 complaints across multiple categories, two-and-a-half times more from the previous year when 26,692 complaints were reported. An analysis of the data shows that internet and mobile banking-related complaints stood at 39,000 in FY23.
Banks, fintechs eye Paytm’s staff benefits business
Paytm's exit from the employee benefits market has opened up opportunities for rivals like Pluxee and Zaggle, as well as banks like Kotak Mahindra, Yes Bank, ICICI Bank, and IndusInd Bank.
RBI allows Paytm’s UPI payment business to be migrated to other banks
The Reserve Bank of India has approved the migration of Paytm's UPI-based payments business from Paytm Payments Bank to other banks, including Axis Bank, to ensure compliance and business continuity. The move brings Paytm on par with other fintechs offering payment services through UPI.
Elevation Capital’s massive gamble on Paytm backfires
The Ravi Adusumalli-led fund’s 15% stake in One 97, which was valued at about Rs 6,100 crore when the post-IPO lock-in expired in November 2022, had shrunk by nearly 40% to Rs 3,800 crore at the end of trading on Thursday.
Paytm Money appoints Vipul Mewada as CFO
The position of the finance chief at Paytm Money had been vacant since April 2023, when Amit Kapoor left the firm after a nearly three-year stint. Mewada, who joined the company in the last week of January, was earlier the deputy CFO at ICICI Securities.
RBI to tap NHAI, NPCI to fix rescue plan for Paytm users
Amid the ongoing Paytm crisis, the Reserve Bank of India will meet with the National Highways Authority of India (NHAI) and the NPCI, among other stakeholders next week. NHAI operates the Fastag service and NPCI oversees the Unified Payment Interface ( UPI) infrastructure.
Vijay Shekhar Sharma: Can the whiz-kid from Aligarh rock again?
Vijay Shekhar Sharma, the founder and CEO of Paytm, has built the company from a startup to India's biggest mobile payments company. However, a recent regulatory move by RBI banning Paytm's payments bank for violations has put the company's future at risk. Sharma's focus on growth and big numbers may have led to regulatory compliance issues, but his determination and resilience may help Paytm survive this setback.
Paytm mat karo, say 3 of 5 kiranas boarding its rivals: Study
This comes after the Reserve Bank of India last week directed Paytm, one of the largest payments apps in the country, to cease accepting new deposits and allowing credit transactions after February 29 due to supervisory concerns and non-compliance of rules.
What's stopping rivals from lining up to pick up Paytm's talent pool
Competitors and other startups are eyeing talent within Paytm amid its current challenges. However, the company's reputation for offering salaries well above industry norms means that many potential candidates are being priced out of the talent market. Industry insiders and executives from recruitment services and search firms have noted that Paytm's generous compensation packages are difficult for other companies to match.
Paytm rivals fishing for top talent in its troubled waters
According to executives at recruitment services firms, Paytm’s competitors are keen on hiring employees in tech and sales teams and have started sending feelers. However, there are few takers for the legal and compliance professionals, especially at the senior and mid levels.
Paytm merchants migrate to rivals, bank users move accounts
PhonePe, Google Pay see surge in inbound requests for QR codes and Smart Speakers, offer support.
Paytm Payments Bank: India's startup rockstar, Paytm CEO Sharma, battles regulatory crisis
Vijay Shekhar Sharma, India's startup king, faces a crisis as investors plunder Paytm's valuation due to regulatory action by the central bank, threatening significant business disruptions. Sharma aims to restore investor confidence and keep operations running. Paytm's valuation has crashed after its IPO, and analysts say the company needs to restore credibility. Sharma's ambitions and the demonetisation move in 2016 transformed Paytm into India's premier digital payments platform. Despite the challenges, Sharma remains undeterred and committed to serving the nation. The future of Paytm's expansion plans and customer retention are uncertain due to the regulatory roadblock.
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