Paytm bets $89 mn on QR code payment system

20161020_AK_Paytm-Head-Office-009Digital wallet firm Paytm, operated by One97 Communications Ltd, plans to invest Rs 600 crore ($89 million) to develop a QR code-based payments solution, several media reports stated. The company, which plans to train 10 million merchants to accept digital payments across 650 districts by the end of this year, will use the investment to […]

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Reliance Capital looking to sell its 1% stake in Paytm for $50-60 mn

Sell_think_feAnil Ambani-controlled Reliance Capital Ltd is reportedly in talks to sell its 1% stake in digital payments firm Paytm as it looks to trim its proprietary investment portfolio and monetise non-core assets. Press Trust of India reported, citing some people in the know of things, that the company was planning to raise Rs 335-402 crore […]

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News website The Ken raises $400K from angels

News website The Ken raises $400K from angelsSubscription-based news startup, The Ken, has raised $400,000 (Rs 2.68 crore) from a clutch of investors, the company said in an email statement. The participants in this round of funding include Aprameya Radhakrishna, co-founder, TaxiForSure; Deepak Natraj, managing director, Aarin Capital; Girish Mathrubootham, founder and CEO, Freshdesk; Mahesh Murthy, founder of Pinstorm and co-founder of […]

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Paytm’s Sharma, Mahesh Murthy on cloud 9 as Musk hints at summer launch for Tesla

It was just a 23-character tweet. But it came from Elon Musk, the maverick founder of electric vehicles giant Tesla Motors. And it was enough to leave the poster boys of India’s startup community euphoric. In response to a question from an apparent Tesla fan, who asked, “eagerly waiting for Tesla to launch in India. […]

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Paytm E-Commerce set to raise $252 mn in round led by Alibaba

Paytm E-Commerce set to raise $252 mn in round led by AlibabaPaytm E-Commerce Pvt. Ltd, the online marketplace arm of One97 Communications, is set to raise $200-252 million (Rs 1,350-1,700 crore) in an investment round led by Chinese internet giant Alibaba Group Holding Ltd, a major financial daily reported on Friday. The funding round, which marks Alibaba’s formal entry in India’s crowded e-commerce market, values Paytm’s […]

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ICICI Bank blocks transactions through Flipkart’s PhonePe as turf war looms

For-ICICI-Story_Shah-Junaid_feIn what is a sign of rising competition between large banks and digital wallets over grabbing the retail payment pie, India’s largest private bank, ICICI Bank, has blocked payments by its customers on Flipkart-owned digital wallet PhonePe, citing “security-related” concerns. In an emailed response to Techcircle, an ICICI Bank spokesperson said that it has raised […]

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Chandrasekarans in startup world: It’s resolve, not the IIT-IIM tag, that matters

The elevation of Tata lifer N Chandrasekaran as chairman of India’s most revered corporate group—the $103-billion salt-to-software conglomerate Tata Sons—begs the much-debated question: Does one’s college pedigree matter? Corner offices at top business houses, both in India and abroad, are usually occupied by alumni of global business schools and leading engineering colleges. But Chandra, or […]

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Paytm Payments Bank gets RBI’s final approval

20161020_AK_Paytm-Head-Office-009Digital payments firm Paytm has finally got regulatory approval to launch its much-awaited payments bank. “Today, the Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” founder Vijay Shekhar Sharma wrote in a blogpost on Tuesday announcing the development. “Today, everything changes, […]

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Hero’s Sunil Munjal, Adventz’s Poddar eye stake in Paytm at $5.7 bn valuation

20161020_AK_Paytm-Head-Office-0232Hero Corporate Services chairman Sunil Munjal and Adventz Group chairman Saroj Poddar are reportedly looking to buy a stake in digital wallet and e-commerce firm Paytm. Munjal and Poddar are together negotiating to buy Paytm shares from early investor and former IDFC Securities analyst Nikhil Vora, The Economic Times reported citing two people aware of […]

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Flashback 2016: Paytm gets note ban boost but payments bank hits a bump

flashback-logo_feIf there is one man who is wholeheartedly welcoming Prime Minister Narendra Modi’s decision to scrap Rs 500 and Rs 1,000 banknotes, it’s Vijay Shekhar Sharma. The Paytm founder and CEO has turned out to be one of the biggest beneficiaries of the move as the cash crunch prompted people to increasingly use the digital […]

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