Some Unknown Facts About Paytm

Some Unknown Facts About Paytm
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Paytm is a digital payments start-up that offers innovative and intuitive digital products and services for customers and merchants.

Founded: 2010

Location: Noida, Uttar Pradesh, India

Headquarters Regions: Asia-Pacific (APAC)

Industry: Financial Services, E-commerce, Internet, Mobile Payments

Business Model: B2C

Founders:: Akshay Khanna, Vijay Shekhar Sharma

  1. The founder – Vijay Shekhar, was born into a middle-class family. The founder went to a Hindi-medium school and learned English in engineering college.

  1. One97 Communications is its parent firm. Vijay Shekhar Sharma founded One97 Communications in 2005, a company that provided mobile content such as news, cricket scores, ringtones, jokes, and exam results. Paytm’sPaytm’s parent business, One97, was founded in 2010.

  1. Paytm has increased in popularity since its launch in 2010, becoming the most popular platform for online recharges, wallets, and shopping. Customers are attracted by cashback and complimentary movie tickets. 

  1. Paytm was the first app in India to offer a wallet. During a trip to China, Vijay Sharma was inspired to start Paytm after seeing vegetable vendors using their phones to accept payments from clients. As a result, he founded Paytm wallet in 2013.

  1. In 2015, Jack Ma, owner of Alibaba Group, held upto 30 to 40 percent stake in Paytm. It is said that Alibaba provides support to Paytm to improve fraud detection and fulfillment systems.

  1. PayPal sued Paytm in 2016 for utilising identical colour combinations in its logo. Paypal claimed Paytm had copied its logo and created a logo that was “oddly similar” to its own.

Also Read: India’s Paytm Aims To Break Even In Key Profitability Metric By Q3 Of Next Fiscal

  1. Paytm launched Paytm Mall, an online shopping site that allows customers to shop online from 1.4 Lakh registered sellers.

  1. Paytm is the only organization to receive investment from ALIBABA, the world’s largest e-commerce corporation, which owns a 25% share. Jack Ma, the founder of Alibaba Group, purchased a $500 million investment in Paytm in 2015. Ma is thought to own between 30 and 40% of Paytm. Paytm now receives assistance from Alibaba, according to reports, to strengthen fraud detection and fulfillment operations, among other things.

  1. Paytm  is also one of the few businesses that receive personal investment from famed Indian magnate RATAN TATA. The 76-year-old chairman emeritus of Tata Sons, the holding company of the $100-billion Tata Group, has invested in Paytm, attempting to compete directly with online merchants such as Flipkart, Amazon, etc., and Snapdeal. This will aid in the growth of the country’s digital economy.

  1. Paytm received the “#THE MOST INNOVATIVE STARTUPS OF THE YEAR” award from Entrepreneur India’s event organized by Franchise India in 2012.

  1. Apple India awarded Paytm the title of Best App on the Apple Play Store.

  1. Paytm and Citibank partnered to create credit cards in 2019.

  1. Paytm has acquired firms such as NightStay, Cube26, TicketNew, Nearbuy, Little, and others.

  1. Paytm attracted over 20 million users after demonetization.

  1. Paytm provided Rs.10 to every user who paid to PM CARES Fund via their app during the COVID-19 pandemic in India.

Also Read: Paytm Shares Falls After RBI Stops Payments Bank From Signing Up New Customers

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