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Digital payments and services app <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> is working and will continue to work as usual even after February 29, its CEO <keyword id="20004114" type="General" weightage="100" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> said on Friday. The founder and CEO of One97 Communications Ltd (OCL), which owns Paytm brand, on social media platform X said the company is committed to serving the nation in full compliance. "To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual," Sharma said. RBI has barred Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. OCL holds a 49% stake in PPBL but classifies it as an associate of the company and not as a subsidiary. "I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," Sharma said. The Paytm top management during an earning call on Thursday said they are working on a migration plan for PPBL, wallet, FASTag etc users with other banks. The company sees the RBI order to have an impact of Rs 300-500 crore on its annual operational profit as its customers will not be able to add money to their wallets, FASTag etc. Separately, the company informed that its offline merchants network offering and device business like Paytm Soundbox, EDC, QR are not impacted by the Reserve Bank of India's (RBI) direction to its associate bank. The fintech company will also continue onboarding merchants to its platform. "The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Other financial services such as loan distribution, insurance distribution and equity broking, are also not in any way related to Paytm's associate bank and are expected to be unaffected by this direction," the company said. Paytm said that the RBI order also does not impact user deposits in their savings accounts, wallets, FASTags and NCMC (National Common Mobility Card) accounts, and they can continue to use the existing balances. RBI has ordered PPBL to settle all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29, 2024) by March 15, 2024 and no further transactions would be permitted thereafter. Sharma during the call had said that RBI order is a "big speed bump" and shared that he could not understand the trigger for the move and he was not aware of the exact nuance that triggered the order. "On behalf of Paytm I can say it is more of a big speed bump but it is something that we believe that with partnership of other banks and capabilities that we have already developed, we will be able to see through in the next few days or quarters as the case will be," he had said.

Paytm app will continue to work beyond Feb 29 as usual: CEO Vijay Shekhar Sharma

<keyword id="3519905" type="General" weightage="20" keywordseo="paytm-ceo" source="Orion">Paytm CEO</keyword> <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> has said that macro conditions have affected global fintech companies, including <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, but the fintech industry will soon bounce back, driven by payments revenue. Speaking at IAMAI's 'India Digital Summit 2022', Sharma said, "We are a payments company and everyone understands it and payment has a derivative revenue line item in financial services and is driven by credit." "The success of Paytm will depend on what we do with monetisation, led by financial services. Payment is a revenue line item which is growing massively," he emphasised on Wednesday. Sharma said that globally, we probably went in at a time (for the public IPO) when QE, free money and many other parameters brought in a little bit of spookiness into the market, in terms of pricing. "Some South American companies are 70 per cent down. Well, that's not the reason for it completely, that's a macro reason," Sharma said. Globally, fintech players and emerging market players saw weak support from the markets as PayPal, Afterpay, Affirm, Square and many others were down almost 30 per cent on an average. Most recently, Grab, the Singapore-based company, made its market debut and is also a 'super app' saw its share price drop by over 20 per cent on listing day. Paytm made a big bang debut in the stock market. The company's $2.5 billion IPO was not just India's largest but also the largest APAC fintech IPO ever and also the second largest fintech IPO of 2021 globally. Overall, <keyword id="8069901" type="General" weightage="20" keywordseo="paytm-ipo" source="Orion">Paytm IPO</keyword> is the fourth largest fintech stock debut. "Paytm, which opened at an offer price of Rs 2,150 braved the markets on a tough day and its share price was also impacted. But Paytm came out stronger than how most other fintech companies fared during the same time," said Dr Ravi Singh, Research Head, Share India. Analysts at JP Morgan, Goldman Sachs and Morgan Stanley have assigned a 'BUY' rating to the Paytm stock with a target price of Rs Rs 1,630-Rs 1,875. The company during its second quarter earnings results showed how its revenue grew by 64 per cent on a yearly basis to Rs 10.9 billion. During the July-September quarter, Paytm saw its contribution profit grow to Rs 2.6 billion in Q2 FY 2022, year-on-year increase of 592 per cent. The contribution margin jumped to 24.0 per cent of revenue from 5.7 per cent the previous year. "Paytm has grown to be a financial services giant, which brings with it more monetizable opportunities. The share price of the company will correct itself as the company grows as has been seen in the market journey of US tech companies like Facebook and Tesla," said Singh. The company in a recent filing said that its lending business saw 4.4 million loan disbursals through the platform (y-o-y growth of 401 per cent), and value of Rs 21.8 billion (run-rate of $1.2 billion) (y-o-y growth of 365 per cent). The company's GMV for Q3 FY 2022 stood at Rs 2,501 billion ($33.6 billion). "Year-to-date GMV is already higher than all of FY 2021 , led by significant non-UPI GMV growth," said the company in its regulatory filing. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/zomato-offers-12-lakh-insurance-grant-to-family-of-delivery-executive-killed-in-a-road-accident/articleshow/88874578.cms" data-type="tilCustomLink">Zomato employees will contribute ₹12 lakh to the family of delivery partner who was killed in a road accident</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-will-deliver-stuff-on-tvs-motors-electric-scooters-following-footsteps-of-zomato-amazon-and-flipkart/articleshow/88872404.cms" data-type="tilCustomLink">Swiggy will deliver stuff on TVS Motors’ electric scooters</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms" data-type="tilCustomLink">TCS vs Infosys vs Wipro Q3 results – here’s how India’s three IT giants stack up against each other</a>

Global market conditions affected Paytm's IPO: Vijay Shekhar Sharma

With the <keyword id="4067" type="UNKNOWN" weightage="20" keywordseo="Dhanteras">Dhanteras</keyword> and <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali">Diwali</keyword> in full bloom, Indians are buying <keyword id="18712" type="ENTERTAINMENT" weightage="100" keywordseo="Gold">gold</keyword> like anything. With the price of 22 carat gold selling at Rs 29,100 today, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> has simplified the deal. Not only can you buy gold online, you can now buy gold of MMTC(<keyword id="1574659" type="UNKNOWN" weightage="20" keywordseo="Metals-and-Minerals-Trading-Corporation-of-India">Metals and Minerals Trading Corporation of India</keyword>) of Govt of India and PAMP of <keyword id="103" type="COUNTRY" weightage="20" keywordseo="Switzerland">Switzerland</keyword> through Paytm. 
 Accumulate Gold in your MMTC-PAMP Gold account and get it delivered at your convenience. Just make your first Gold purchase and the Gold balance would start reflecting on the screen of Paytm app. On a <keyword id="6354576" type="CITY" weightage="20" keywordseo="Facebook">Facebook</keyword> post by Paytm CEO <keyword id="2994985" type="UNKNOWN" weightage="20" keywordseo="Vijay-Sekhar-Sharma">Vijay Sekhar Sharma</keyword>, he explained, buy digitally from comfort of your home and You even get to pick 24 caret gold coin of this purchase. We sold more than milllion ₹ in just 10 hours. Do your Dhanteras buy now in digital form. “

You can buy MMTC gold on Paytm this Dhanteras

<ul class="summary-list"><li><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> could make a 60% profit when <keyword id="6357120" type="DEFINITION" weightage="60" keywordseo="paytm">Paytm</keyword> goes public.</li><li>The investor's company owns 2.8% of the digital-payments startup, Paytm's draft <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> filing shows.</li><li>Berkshire, Alibaba, <keyword id="2702533" type="PERSON" weightage="60" keywordseo="Ant-Financial">Ant Financial</keyword>, and <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword> have all agreed to sell some shares in Paytm's IPO.</li></ul>Warren Buffett's Berkshire Hathaway stands to make a 60% profit on its Paytm shares if the Indian digital-payments group goes public this year as planned.Paytm's <a href="https://www.axiscapital.co.in/uploads/equity_documents/20210716104312_one_97_communications_limited__drhp.pdf">draft IPO prospectus</a> was published on Friday, revealing the company hopes to raise up to $2.2 billion from its stock-market debut. Buffett's company poured about $300 million into Paytm in August 2018, valuing it at roughly $10 billion at the time.Berkshire still owns 17 million shares, or a 2.8% stake, Paytm's IPO filing shows. The fintech startup was privately valued at $16 billion in November 2019, <a href="https://www.bloomberg.com/news/articles/2019-11-25/paytm-is-said-to-raise-1-billion-from-softbank-and-others">according to Bloomberg</a>. If it secures that valuation as a public company, Berkshire's shares would be worth about $480 million - a 60% gain in three years.Buffett and his team are poised to cash out some of those profits. Berkshire and other Paytm investors such as SoftBank, Alibaba, and Jack Ma's Ant Financial have agreed to sell an undisclosed portion of their stakes during the IPO.Berkshire's investment in Paytm - a private, foreign, and unprofitable technology startup - might seem out of character for Buffett, who famously sticks to established US businesses that he understands deeply such as Coca-Cola, or American Express.In fact it was Todd Combs, one of Buffett's portfolio managers, who negotiated the deal. Paytm's CEO <a href="https://economictimes.indiatimes.com/markets/expert-view/more-than-money-berkshires-todd-combs-coming-on-paytm-board-is-the-best-outcome-vijay-shekhar-sharma/articleshow/65578696.cms">confirmed that fact</a> to ET Now, and Combs recently retired from the fintech's board. Combs has spearheaded several of Berkshire's recent tech bets, including its investments in StoneCo, <a href="https://markets.businessinsider.com/news/stocks/warre-buffett-berkshire-hathaway-570-million-snowflake-ipo-rare-unicorn-2020-9">Snowflake</a>, and most likely <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-invest-500-million-nubank-brazil-fintech-2021-6">Nubank last month</a>.Paytm, previously known as One97 Communications, posted a 10% drop in revenue to the equivalent of $427 million in the year to March 31. That reflected a 38% slump in e-commerce and cloud services revenue, which offset sales growth of 24% in the payment and financial-services division. However, a sharp reduction in marketing and promotional expenses meant Paytm's after-tax loss shrunk 42% to $228 million.

Warren Buffett's Berkshire Hathaway could bag a 60% profit when Paytm goes public

<keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>’s parent company <keyword id="4546857" type="UNKNOWN" weightage="20" keywordseo="one97communications-limited">One97Communications Limited</keyword> just received $1.4 billion funding from Japan’s leading Internet and telecom major <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>. This is the largest round from a single investor in India. Paytm said the investment will help it grow its leadership in the online payment system. “It will also complement our plan to invest Rs 10,000 Cr (approx $1.6 Bn) over the next three to five years towards our commitment to enable half a billion Indians to join the mainstream economy,” Paytm stated in a blog. Paytm said it will continue to innovate and expand into new online and offline use-cases. Meanwhile, <keyword id="3236791" type="UNKNOWN" weightage="20" keywordseo="Paytm-payments-bank">Paytm Payments Bank</keyword> is also becoming operational from next week and will be headed by CEO Renu Satti. Meanwhile, Paytm founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.

Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

<ul><li>Paytm is reportedly in talks to acquire <keyword id="7716572" type="UNKNOWN" weightage="20" keywordseo="insurtech-startup">insurtech startup</keyword> <keyword id="2821957" type="PERSON" weightage="20" keywordseo="Coverfox">Coverfox</keyword> for $120 million. </li><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, Paytm founder and CEO, had earlier in an interview with Business Insider said that they are looking at the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> sector. </li><li>If closed, this could be one of Paytm’s biggest acquisitions. </li></ul>Paytm which has made its mark in the Indian digital payments space is reportedly looking at acquiring insurtech startup Coverfox for a whopping $120 million, reported <a href="https://tech.economictimes.indiatimes.com/news/startups/paytm-in-talks-to-acquire-coverfox/69625293">ET</a>. The reports say that the talks are in early stages, still. Paytm founder and CEO Vijay Shekhar Sharma had earlier told Business Insider in an interview of their plans to expand financial offerings. “This year, we plan to double down on payments to reach Tier 5 and 6 cities of India. We are also looking at expanding our financial services – Insurance is one of the sectors that we want to get into,” Sharma had told BI. There are over 142 insurtech startups in India according to Tracxn. Online insurance industry in India is <a href="https://trak.in/tags/business/2014/03/19/online-insurance-india-growth/">reportedly</a> all set to be worth ₹200 billion by 2020. If it is closed, this deal would be Paytm’s biggest acquisition so far, marking its grand debut into the insurance sector. It will then compete with the likes of Policybazaar, also funded by Paytm’s investor – Softbank. Paytm’s valuation is set to hit $18 billion, according to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-raising-up-to-2-billion-valuation-may-soar-to-18-billion/articleshow/68606766.cms">reports.</a> However, when reached out, Coverfox said, "As a company policy, we do not comment on speculation." Coverfox, whose parent company is Glitterbug Technologies, was reportedly in the market looking for a fresh round of funding of $50 million. Its latest valuation is <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/coverfoxs-parent-company-glitterbug-is-out-to-raise-50-million-in-new-round/articleshow/68313619.cms">reported </a>to be around $150-$200 million. In its last funding round in April 2018, the insurance aggregator had raised $22 million in a Series C funding led by IFC, Transamerica and existing investors - SAIF Partners, Accel and NR Narayana Murthy’s private investment arm - Catamaran Ventures. Coverfox was started in 2014 by Devendra Rane and Varun Dua. Two years later, Dua had gone on to found another insurtech startup Acko General Insurance. See Also: <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US</a> <a href="https://www.businessinsider.in/binny-bansal-and-others-invest-65-million-in-insurtech-startup-acko-with-a-300-million-valuation/articleshow/68402912.cms">This Indian insurance startup may be worth $300 million in just over two years</a>

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Paytm app will continue to work beyond Feb 29 as usual: CEO Vijay Shekhar Sharma

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Global market conditions affected Paytm's IPO: Vijay Shekhar Sharma

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You can buy MMTC gold on Paytm this Dhanteras

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Warren Buffett's Berkshire Hathaway could bag a 60% profit when Paytm goes public

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Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

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Paytm could be spending big money for its insurance debut

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