Paytm CEO Vijay Shekhar Sharma-backed Paytm Ecommerce Private Limited has reportedly changed its name to Pai Platforms Private Limited.
According to the PTI report, The rebranding process was initiated about three months ago, and the company received approval on February 8 from the Registrar of Companies.
Pai Platforms acquires Bitsila
Alongside its rebranding, Pai Platforms has acquired Bitsila, a key player in the Open Network for Digital Commerce (ONDC) ecosystem. Bitsila, known for its comprehensive omnichannel and hyperlocal commerce solutions, has been instrumental in facilitating transactions for notable brands such as McDonald's and BigBasket.
The acquisition is expected to bolster Pai Platforms' commerce capabilities within the ONDC network, leveraging Bitsila's infrastructure to enhance its service offerings.
Who are the stakeholders in Paytm Ecommerce
Currently, Elevation Capital is the largest shareholder in Pai Platforms. The company is also backed by influential entities and individuals, including Paytm Founder and CEO Vijay Shekhar Sharma, Softbank, and eBay.
Paytm denies acquisition report
Despite the buzz around the acquisition, Paytm has denied the reported purchase of Bitsila, labeling such news as "entirely misleading."
The rebranding and acquisition news comes at a tumultuous time for Paytm, as the Reserve Bank of India (RBI) has recently imposed restrictions on Paytm Payments Bank, affecting its banking services.