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Breaking News: Paytm's Strategic Move - Bitsila Acquisition Signals ONDC Expansion

By Ritwik Ghosh,Kolkata India

Paytm 's Strategic Move

Bengaluru-based Bitsila is as of now the third biggest dealer side stage by exchanges on the Open Arrange for Advanced Commerce, sources said. The bargain is in progressed stages and will likely near within the coming week, according to two individuals within the know At a time when the long run Paytm’s installments trade is being addressed due to a administrative emergency, sources say that the fintech major is putting the wrapping up touches to a bargain to obtain Bitsila, an interoperable e-commerce startup. Bengaluru-based Bitsila is as of now the third biggest dealer side platform by exchanges on the Open Arrange for Digital Commerce (ONDC), sources said. 

The bargain is in progressed stages and will likely near within the coming week, concurring to two individuals within the know. Moneycontrol seem not affirm the bargain estimate and whether it is for cash or stock. Bitsila, founded by Dasharatham Bitla and Sooryah Pokkali in 2020, has already raised a pre-seed circular from Horn India and Redbus founder Phanindra Sama. The company’s part in ONDC as a seller-side app is B2B because it makes a difference onboard little vendors to the arrange. Paytm is as of now a buyer app on the ONDC and was among the primary expansive companies to coordinated with the open organize in 2022. 

With the Bitsila securing, it’ll be able to extend its reach inside ONDC by getting on the seller-side of the organize as well. “I think it makes sense for Bitsila to offer as it’s extreme when a few of the greater players with huge ticket wander capital backing come and choose to offer sevices as zero costs,” said a third source. “It makes sense for Paytm to purchase Bitsila as they get a attempted and tested seller side app ready-made,” he included. Moneycontrol has come to out to Bitsila and Paytm with queries on the matter. We are going the story on the off chance that they respond. The improvements have come at a time when Paytm is beneath the Save Bank of India’s examination for a few reasons, extending from outside trade infringement to know your client (KYC) slips. 

The controller has allegedly found major inconsistencies in KYC, which uncovered the clients, contributors, and wallet holders to genuine dangers. In its test, the RBI found that in thousands of cases, the same Skillet was connected to more than 100 customers and in a few cases to more than 1,000 clients. The overall esteem of exchanges, running into crores of rupees, much past administrative limits in least KYC pre-paid instruments, raising money-laundering concerns. Paytm was exchanging at Rs 447 each at advertise near on Thursday, falling 10 percent amid the day. Paytm’s ONDC ambitions Paytm will onboard 10 million of its shippers to ONDC by the end of 2025, the fintech unicorn’s originator and chief official officer Vijay Shekhar Sharma had said on December 4. “Commerce is a common expansion for us. 

We are committing to sign up at slightest 10 million dealers on ONDC some time recently 2025 closes,” he said at an ONDC hackathon in Delhi final year. Sharma said that 11.8 million clients had as of now shopped on ONDC through Paytm. “This implies that ONDC has as of now ended up a noteworthy player in e-commerce. There are around 50 million e-commerce clients in India and over a fifth are already on ONDC,” he added. The Paytm founder said that ONDC will open up the e-commerce opportunity for a lot of players because it breaks down diverse parts of a exchange such as dealer, coordinations, and installment into partitioned parts. In impact, a single player doesn’t require huge sums of subsidizing to construct all the parts to break into the biological system. 

For the primary time, ONDC crossed 3 million retail buys in a month in January which implies an normal of over 100,000 such exchanges per day, we detailed earlier. For comparison, the number of retail buys on ONDC in January 2023 was around 1,281. Assist, ONDC clocked 3.5 million versatility (ride-hailing) bookings amid the month, taking the network’s add up to exchanges over categories to over 6.5 million in January. This appears a month-on-month development of 18 percent, compared to the 5.5 million exchanges seen by the organize in December

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