Paytm
Paytm (short for Pay Through Mobile) is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants. Apart from bill payments and money transfer, the company also provides ticketing services, retail brokerage products and online games. Paytm's parent company One97 Communications was listed on the Indian stock exchanges on 18 November 2021 after an initial public offering, which was the largest in India at the time. For the fiscal year 2022–23, Paytm's gross merchandise value (GMV) was reported to be ₹13.2 lakh crore (US$160 billion).
.svg){kind=logo} | |
 Paytm headquarters in Noida | |
| Paytm | |
| Company type | Public |
| ISIN | INE982J01020 |
| Industry | |
| Founded | 2010 |
| Founder | Vijay Shekhar Sharma |
| Headquarters | , India |
Areas served | Worldwide |
Key people |
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| Products |
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| Services |
|
| Revenue |  ₹9,978 crore (US$1.2 billion) (FY24)[2] |
| ₹559 crore (US$66 million) (FY24)[2] | |
 ₹−1,423 crore (US$−170 million) (FY24)[2] | |
| Owners |
|
| Parent | One97 Communications |
| Website | paytm.com |
Paytm (short for Pay Through Mobile[4]) is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida.[5] Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Soundbox, Android-based-payment terminal, and online payment gateway.[6] In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants.[5]
Apart from bill payments and money transfer, the company also provides ticketing services, retail brokerage products and online games.[7][8][9]
Paytm's parent company One97 Communications was listed on the Indian stock exchanges on 18 November 2021 after an initial public offering, which was the largest in India at the time.[10] For the fiscal year 2022–23, Paytm's gross merchandise value (GMV) was reported to be ₹13.2 lakh crore (US$160 billion).[11][12][13][14]
History
[edit]Early history; 2010-2019
[edit]Paytm was founded in August 2010 with an initial investment of US$2 million by its founder Vijay Shekhar Sharma in Noida, Delhi NCR. It began as a prepaid mobile and DTH recharge platform, and later added debit card, postpaid mobile and landline bill payments in 2013.[15]
In October 2011, Sapphire Ventures (fka SAP Ventures) invested $10 million in One97 Communications Ltd.[16] By January 2014, the company had launched the Paytm Wallet, which the Indian Railways and Uber added as a payment option.[17] In 2015, it added education fees, metro recharges, electricity, gas, and water bill payments.[18] It also launched bus ticketing and travel booking.[19]
In 2015, China's Alibaba Group and its affiliate Ant Financial increased their combined stake in Paytm to 40%, making them its largest shareholders.[20] The same year, it raised funding from Ratan Tata, the MD of Tata Sons.[21] In August 2016, Paytm raised funding from MediaTek's investment fund at a valuation of over $5 billion.[22] Also in 2016, it launched movies, events and amusement parks ticketing,[23] Paytm QR,[24] and train ticket bookings.[25] California-based PayPal filed a case against Paytm in the Indian trademark office for using a logo with a similar colour combination to its own on 18 November 2016.[26]
In May 2017, Paytm raised $1.4 billion from SoftBank, at a valuation of over $8 billion.[27] In August 2018, Berkshire Hathaway invested $356 million in Paytm,[28][29] although Berkshire Hathaway confirmed that Warren Buffett was not involved in the transaction.[30]
In 2017, Paytm launched Paytm Gold, allowing users to buy digital gold.[31] It also launched Paytm Payments Bank[32][33] and ‘Inbox’, a messaging platform with in-chat payments.[34] By 2018, it started allowing merchants to accept Paytm, UPI and card payments into their bank accounts.[35][36] It also launched the ‘Paytm for Business’ app (now called Business with Paytm App) for merchants.[37]
In January 2018, it entered into a joint venture with Alibaba Group-owned gaming company AGTech Holdings to launch Gamepind, a mobile gaming platform.[38] It was rebranded as Paytm First Games in June 2019.[39] In March 2018, Paytm Money was started with an investment of ₹9 crore[40][41] for investment and wealth management.[42]
In March 2019, the firm launched a subscription based loyalty program called Paytm First.[43] In May 2019, it partnered with Citibank to launch Paytm First credit card.[44][45] On 25 November 2019, Paytm raised $1 billion in a funding round led by US asset manager T Rowe Price along with existing investors Ant Financial and SoftBank Vision Fund.[46]
2020-present
[edit]In July 2020, Tata Starbucks partnered with Paytm allowing its customers to order food online during the COVID-19 pandemic.[47]
On 18 September 2020, the firm's official app was briefly unlisted from the Google Play allegedly due to violations of the Play Store's gambling policy.[48][49] The company claimed that Google did not offer any prior warning or give the company an opportunity to explain its views on the contentious 'cashback' offers while claiming that Google's own payments app Google Pay offered similar 'cashback' offers and suffered no repercussions.[50][51]
In July 2021, One97 Communications filed a draft red herring prospectus with the Securities and Exchange Board of India to launch its initial public offering (IPO).[52][53] It launched its IPO in November 2021, raising ₹18,300 crore (US$2.2 billion) at a valuation of US$20 billion.[54] It was the largest ever IPO in India.[55] The shares began trading on 18 November 2021, opening at ₹1,950 on the NSE, 9.3% below the upper band of the IPO price range, and closed down more than 27% at ₹1,560,[56] making it the biggest drop on a listing day in Indian IPO history.[57]
In December 2021, Paytm launched Paytm Wealth Academy.[58] In March 2022, the Reserve Bank of India barred Paytm Payments Bank from signing up new customers after an inspection found that the company was leaking customer data to China-based entities which indirectly owned a stake in Paytm Payments Bank.[59]
On 31 January 2024, Reserve Bank of India, the banking regulator in India, ordered Paytm Payments Bank Ltd to stop the bulk of its activities from 29 February 2024. RBI found that the company did not conduct proper background checks on the source of funds before onboarding clients. This date was further extended to 15 March 2024 as per the updated FAQ.[60] It may lead to 20% work force cut down.[61]
In August 2024, Zomato acquired Paytm's entertainment ticketing business, including the Paytm Insider and TicketNew platforms, for approximately ₹2,048 crore (US$244 million). The acquired platforms would continue operating for up to 12 months during a phased transition, with eventual integration into Zomato's District app.[62][63]
Funding and shareholding
[edit] | This section needs to be updated. (January 2023) |
Post-IPO shareholding (as of April 2024):[64][65]
| Shareholding | |
|---|---|
| Vijay Shekhar Sharma | 9.1% |
| Antfin (Netherlands) Holding B.V | 9.88% |
| Resilient Asset Management B.V | 10.28% |
| Saif lii Mauritius Company Ltd | 10.82% |
Acquisitions
[edit]In 2013, Paytm acquired Plustxt for under $2 million; the platform allowed fast text messaging in Indian languages.[66]
In 2016, it acquired Delhi-based consumer behaviour prediction platform Shifu[67] and local services startup Near.in.[68] In July 2017, it acquired a majority stake in online ticketing and events platform Insider.in, from event management company Only Much Louder (OML).[69] In 2017, it acquired restaurant deals platform Little and hyperlocal e-commerce company nearbuy.com in 2017, and merged the two companies.[70]
Paytm acquired the startup Cube26 in January 2018.[71] In May 2018, Paytm acquired movie ticket booking platform TicketNew from Alibaba Group for around $40 million.[72] It acquired the hotel booking platform NightStay in 2019.[73]
In October 2021, Paytm acquired digital lending company CreditMate.[74]
Other investments
[edit]Paytm invested $5 million in auto-rickshaw aggregator and hyperlocal delivery firm Jugnoo in 2015.[75] In 2016, it invested in logistics startups LogiNext and XpressBees.[76][77] In April 2017, Paytm invested in healthcare artificial intelligence (AI) startup QorQL.[78] It also invested in mobile loyalty program and analytics startup MobiQuest.[79]
International expansion
[edit]Japan
[edit]Paytm established a joint venture with SoftBank and Yahoo! Japan, called PayPay Corporation, to offer services in the Japanese market. Paytm launched the PayPay app, a QR-based payment settlement service, in Japan on 22 October 2018.[80]
Canada
[edit]Paytm Labs Inc. was established in Toronto, Ontario in 2014 as a research and development division.[81] It recently launched a fraud risk management platform called Pi for fintechs and digital marketplaces where transaction value is high.[82][83][84]
Controversy
[edit]In May 2018, the Indian investigative news agency Cobrapost released a video of an undercover reporter meeting with Paytm's vice president, Ajay Shekhar Sharma who is the brother of Vijay Shekhar Sharma.[85][86] During the meeting, he reportedly said the company had provided the Government of India with the personal data of Paytm users in the Indian state of Jammu and Kashmir, violating user's privacy and policies.[87][88] Later, BuzzFeed reported that, Sharma has close ties with India's ruling party Bharatiya Janata Party.[89] Meanwhile, in response, the company tweeted that, it had never shared user's data with third parties, denied the contents in the video, and stated that it had never received requests from law enforcement on Twitter.[90][91] Paytm also stated that any person claiming otherwise "is not aware of the policy and is not authorised to speak on behalf of the company".[92][93]
Charity
[edit]During the COVID-19 pandemic in India, Paytm announced that it would contribute ₹10 to every user paying to the PM CARES Fund via its app; within ten days, it reported a total collection of ₹100 crore. The company also announced that its 1,200 employees contributed 15 days or even a few months of their salaries to the fund.[94] In April 2021, Paytm claimed that it had made 21,000 oxygen concentrators available for people in need through its app,[95] and donated oxygen plants in 13 worst-hit cities to help hospitals get oxygen.[96]
See also
[edit]
References
[edit]- ^ "Paytm's gaming platform Gamepind rebranded as FirstGames". Business Today.
- ^ a b c "Earnings Release - For quarter and year ending March 2024" (PDF). BSE. One97 Communications Limited. Retrieved 29 June 2024.
- ^ "Paytm shares flat as 2.9% equity changes hands via block deal, Antfin likely seller". Moneycontrol. Retrieved 8 August 2025.
- ^ "Google launches India mobile payments app Tez". BBC Home. 18 September 2017. Retrieved 14 March 2026.
- ^ a b "Outcome of Board Meeting – Financial Results for the quarter and nine months ended 31 December 2021" (PDF). bseindia.
- ^ Ganguly, Payal. "Paytm promotes SVP Kiran Vasireddy to the position of COO". The Economic Times. Retrieved 4 April 2018.
- ^ Modi, Ajay (9 January 2019). "Paytm Travel eyes top spot in online bus, flight ticket bookings". Business Standard India. Retrieved 6 June 2022.
- ^ "Equity investing: Paytm Money app gaining traction". www.thehindubusinessline.com. 19 July 2021. Retrieved 6 June 2022.
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- ^ Staff Writer (1 April 2021). "Paytm achieves over 1.4 bn transactions in Mar, leads digital payment services". Mint. Retrieved 12 May 2021.
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- ^ "SAP Ventures Invests $10M In One97 Communications". VCCircle. 10 October 2011. Retrieved 10 February 2019.
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- ^ Chanchani, Madhav; Variyar, Mugdha (19 May 2017). "Paytm raises $1.4 billion from Softbank, valuation jumps to over $8 billion". The Economic Times. Retrieved 7 April 2018.
- ^ Choudhury, Saheli Roy (27 August 2018). "Berkshire Hathaway buys a stake in India's largest digital payments company". CNBC. Retrieved 13 September 2018.
- ^ Hunnicutt, Trevor. "Berkshire Hathaway buys stake in India's Paytm". U.S. Retrieved 13 September 2018.
- ^ Philipose, Mobis (29 August 2018). "Warren Buffett's Paytm bet is actually not that big a deal". LiveMint. Retrieved 22 September 2018.
- ^ "Buy, sell gold instantly on Paytm". @businessline. Retrieved 7 April 2018.
- ^ "Arun Jaitley launches Paytm Payments Bank". @businessline. Retrieved 4 April 2018.
- ^ "Paytm Payments Bank Officially Launched; CEO Outlines Growth Path". NDTV Gadgets360.com. Retrieved 7 April 2018.
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- ^ Paytm (4 December 2017). "Now, existing & new Merchants can accept Paytm, UPI & Card payments directly into their Bank…". Paytm Blog. Retrieved 7 April 2018.
- ^ "Paytm QR now allows merchants to accept Paytm, UPI and Card payments directly into bank account at 0% charge | TMS News". TMS News. Archived from the original on 11 December 2019. Retrieved 7 April 2018.
- ^ www.ETtech.com (22 January 2018). "Paytm launches business app on Android for its merchants - ETtech". The Economic Times. Retrieved 7 April 2018.
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- ^ www.ETtech.com. "Paytm rebrands its gaming platform Gamepind as FirstGames - ETtech". The Economic Times. Retrieved 14 July 2020.
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- ^ "We have set up Paytm Money to focus on Investment and Wealth Management". Paytm Blog. 10 January 2018. Retrieved 7 April 2018.
- ^ "Paytm Money gets ₹9 crore from parent One97". TimesOfIndia.
- ^ "'Paytm First' Loyalty Programme Takes on Amazon Prime, Flipkart Plus". NDTV Gadgets 360. 5 March 2019. Retrieved 14 July 2020.
- ^ "Paytm ties up with Citibank to launch credit cards". The Economic Times. 15 May 2019. Retrieved 16 September 2019.
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{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Paytm (18 September 2020). "Your Money is Safe with us — the Paytm App will be back on Google Play Store shortly". Medium. Retrieved 18 September 2020.
- ^ Ishwar, Sai (18 September 2020). "Paytm returns hours after Play Store exit over alleged policy violation". Business Standard India. Retrieved 18 September 2020.
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- ^ Paytm (20 September 2020). "The story behind Paytm App's de-listing from Google Play Store". Medium. Retrieved 21 September 2020.
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{{cite news}}: CS1 maint: numeric names: authors list (link) - ^ Choudhury, Deepsekhar (28 October 2021). "Paytm pegs IPO at $20 bn valuation, CEO says 'life to become QSQT'". Business Standard India. Retrieved 18 November 2021.
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- ^ Shankar, Shashwati. "Paytm acquires majority stake in online ticketing platform Insider.in for around Rs 35 cr". The Economic Times. Retrieved 7 April 2018.
- ^ "Paytm acquires Nearbuy and Little, to merge both". Mint. Retrieved 29 June 2024.
- ^ TNN (19 June 2018). "Paytm acquires Flipkart-backed startup Cube26". The Times of India. Retrieved 30 July 2018.
- ^ Sahay, Priyanka (25 May 2018). "Paytm acquires Alibaba-backed TicketNew for around $40 million". Moneycontrol. Retrieved 29 June 2024.
- ^ Ahuja, Aakanksha (29 January 2019). "Paytm forays into hotel booking with NightStay acquisition". mint. Retrieved 7 December 2021.
- ^ "IPO-bound Paytm acquires lending startup CreditMate". The Economic Times. Retrieved 7 December 2021.
- ^ Poovanna, Sharan (18 April 2016). "Jugnoo raises $10 million in funding round led by Paytm". livemint.com. Retrieved 7 April 2018.
- ^ "Paytm invests $10 mn in logistics data start-up". Business Standard.
- ^ "Paytm to replicate Alibaba's logistics strategy with LogiNext". @businessline. Retrieved 7 April 2018.
- ^ "Paytm Backs AI And Big Data Driven Healthtech Startup QorQL". Inc42 Media. 7 April 2017. Retrieved 7 April 2018.
- ^ "Paytm invests in loyalty program and analytics startup MobiQuest". Moneycontrol. Retrieved 29 June 2024.
- ^ "Papay in Japan with Paytm's QR tech". Economic Times. 22 October 2018.
- ^ "About us". www.paytm.ca. Retrieved 26 October 2021.
- ^ "Paytm Labs launches ML-powered fraud risk management platform". securitybrief.asia.
- ^ Ganguly, Payal. "Paytm: Paytm launches its digital wallet play in Canada". The Economic Times. Retrieved 26 October 2021.
- ^ "Paytm goes global, we now have an app for Canadian bill payments". Paytm. 16 March 2017.
- ^ "Cobrapost Siting: Paytm Senior VP Claims PMO Demanded Data of Paytm Users". Malavika Balasubramanian. The Quint. 28 May 2018. Retrieved 30 September 2019.
- ^ "CobraPost Exposé: First Demonetisation Then Data Brokering; Should You Trust Paytm With Your Personal Data?". Aman Sethi. HuffPost. 29 May 2018. Archived from the original on 10 December 2019. Retrieved 30 September 2019.
- ^ "Did India's Paytm Share User Data With The Indian Government?". Abhisek Baxi. Android Authority. 28 May 2018. Retrieved 30 September 2019.
- ^ "Cobrapost Expose: Senior VP at Paytm Claims Firm Was Asked to Share User Data with PMO". The Wire. 29 May 2018. Retrieved 29 September 2019.
- ^ "India's Largest Digital Wallet Has Been Accused Of Handing Over User Data To The Government". Pranav Dixit. BuzzFeed. 26 May 2018. Retrieved 30 September 2019.
- ^ "We do not share user data with third-parties, government: Paytm". Times of India. 26 May 2018. Retrieved 30 September 2019.
- ^ "Paytm Accused Of Sharing User Data With Indian Government". PYMNTS. 28 May 2018. Retrieved 30 September 2019.
- ^ "We do not share user data with third-parties, govt: Paytm". The Hindu. 26 May 2018. Retrieved 30 September 2019.
- ^ "Paytm responds to Cobrapost siting, and claims that it never shares users data". Rashi Varshney. Medianama. 28 May 2018. Retrieved 30 September 2019.
- ^ "Coronavirus: Paytm collects Rs 100 crore for PM-CARES fund from donors". businesstoday.in. Retrieved 16 April 2020.
- ^ www.ETRetail.com. "Paytm to make available 21,000 oxygen concentrators from May 1st week – ET Retail". ETRetail.com. Retrieved 17 June 2021.
- ^ Staff Writer (4 May 2021). "Paytm to set up oxygen plants across 13 cities to assist hospitals". mint. Retrieved 17 June 2021.
External links
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