According to a credible source, Paytm E-commerce has rebranded as Pai Platforms following approval from the Registrar of Companies. The Registrar of Companies approved the company's request for a name change around three months ago, and on February 8 PTI published information citing people who were aware of the event.
With effect from the date of this certificate, the company's name has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited. The firm was first registered under the name Paytm E-Commerce Private Limited, as stated in a February 8 notice from the Registrar of Companies.
Additionally, the article stated that Bitsila, an ONDC seller platform, was purchased by Paytm E-commerce. The source told PTI, "Pai Platforms is a leading buyer platform on the ONDC network, and its commerce play will be further bolstered by the Bitsila acquisition."
Bitsila is an ONDC seller platform that was introduced in 2020 and offers full-stack multichannel and hyperlocal commerce capabilities. Paytm, however, denied the report of the aforementioned transaction, calling it misleading.
"We adamantly refute reports that Paytm plans to buy Bitsila. The said news is completely inaccurate," stated a Paytm representative.
Elevation Capital is the biggest shareholder in Paytm E-commerce. eBay, Softbank, and Vijay Shekhar Sharma, the founder and CEO of Paytm, all support it as well. As investors continued to sell the stock, shares of One 97 Communications, the company that owns the Paytm brand, fell by about 9% on Friday.
Continuing its downtrend from the day before, the stock fell 8.67% to ₹408.30 on the BSE. Paytm shares were down 5.70% at ₹421.60 a share on the BSE at 2:35 pm.
