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<ul><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> took to Twitter to announce that PayPay has garnered 10 million users. </li><li>PayPay was formed out of <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s partnership with SoftBank and Yahoo Japan. </li><li>SoftBank is one of the major investors in Paytm.</li></ul>Paytm’s Japanese subsidiary PayPay has managed to net 10 million users in ten months. Paytm founder Vijay Shekhar Sharma took to Twitter to announce the same. <div type="twitter" handle="vijayshekhar" handlename="Vijay Shekhar" image="http://pbs.twimg.com/profile_images/813598012173754368/MnHjJnCv_normal.jpg" favoritecount="775" retweetcount="76" status="Our Japan ‘s @PayPayOfficial 🇯🇵 business achieved a key milestone ! Just in 10 months, we are now 10 million users,… https://t.co/NGymRv1Rmp" createdat="1565254226000" id="1159386373641494530"></div>

 In October 2018, Paytm had partnered with SoftBank and Yahoo Japan to offer digital payment solutions in Japan. Through this collaboration, Yahoo Japan suspended its own wallet giving PayPay direct access to all its Yahoo wallet consumers. SoftBank is one of the major investors in Paytm. In 2017, Softbank had made its biggest bet in the Indian ecosystem by pumping in $1.4 billion in Paytm. Paytm is not the only Indian startup backed by Softbank which went to Japan. Ritesh Agarwal’s OYO where Softbank is a key investor, entered the Japanese market, thanks to its famous backer. In April 2019, OYO announced its partnership with SoftBank Corp and SoftBank Vision fund to launch Oyo Hotels Japan.

Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

<ul><li>Indian digital payments company <keyword id="6357120" type="COMPANY" weightage="20" keywordseo="paytm">PayTM</keyword>, just launched an app ‘PayPay’ in <keyword id="6355311" type="UNKNOWN" weightage="20" keywordseo="japan">Japan</keyword> in collaboration with Yahoo Japan and Softbank.</li><li>While Japan’s government has been pushing for more cashless transactions, just 20% of payments currently made in the country are digital. </li><li>The country’s local banks are yet to roll out their own platforms, which gives PayPay an advantage as one of the first digital wallets on the scene. </li></ul>Until now, Japanese brands like Suzuki and Toyota are the ones that have made their way into the Indian market. Bucking that trend is Indian e-commerce website and digital payments company PayTM, which just <a href="https://blog.paytm.com/our-qr-tech-now-powers-japans-qr-based-paypay-1b39ee3884c6">launched</a> in Japan as ‘PayPay’. While Japan is usually a world leader when it comes to <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword>, like Bitcoin, only 20% of the <a href="https://www.japantimes.co.jp/news/2018/06/19/business/japan-pushes-use-cashless-payments-olympics-approach-banks-strain/#.W867D_bhXIU">transactions</a> in the country are currently digital according to <keyword id="2340620" type="COMPANY" weightage="20" keywordseo="CyberSource">CyberSource</keyword>. In contrast, <keyword id="2970472" type="PERSON" weightage="20" keywordseo="Digital-transactions">digital transactions</keyword> account for 40-60% of online payments in the US and most of the European countries, according to the <a href="https://www.tsys.com/Assets/TSYS/downloads/rs_2016-us-consumer-payment-study.pdf">US Consumer Payments Study</a>. The Japanese Conundrum PayTM’s foray into Japan has been aided by Softbank and Yahoo Japan, and comes at a time when the Japanese government is pushing for digital payments to take off in the country. With Japan being next in line to host the Olympics, its government has been pushing for people and business models to accommodate digital transactions in order to stimulate more spending during the event. The Japanese Ministry of Economy, Trade and Industry has already put forward a number of proposals, one of which includes increasing the ratio of cashless payments to 80% of all account settlements going forward. PayTM’s entry into the Japanese market may be good news for people, should they choose to switch to digital payments, but banks have a reason to worry. According to <a href="https://www.bloomberg.com/news/articles/2018-04-04/banks-rush-to-turn-japan-cashless-ahead-of-looming-tech-rivals">reports</a>, financial entities in the country have already started working on platforms that use QR-codes and blockchain technology but they’re yet to make their way into the market. It was easier for European economies to switch over to digital wallets because they were already used to using checks to pay, say experts, and in China, QR codes were a necessity in the face of increasing instances of counterfeit currency. But, in Japan, ATMs are easy to find and counterfeit currency isn’t an issue. PayTM is trying to encourage adoption by incentivising users, offering up ¥500 (₹328) in their accounts once they’ve downloaded the app PayPay and authenticated it using their mobile numbers. It is also not charging users or any kind of payment made using a QR-code scan for the next three years. In <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, PayTM was the first payment app to cross over 100 million downloads in 2017.

After revolutionizing transactions in India, digital payments company PayTM seeks to conquer Japan

<keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword> Founder <keyword id="914589" type="General" weightage="50" keywordseo="vijay-shekhar" source="Orion">Vijay Shekhar</keyword> Sharma has said it will be "humbling to see Japan's Paytm-powered PayPay to soon be enabled for our home users" after Japan's Minister for Digital Transformation Taro Kono said that the island country is "seriously thinking about joining the Indian <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments system". India's mobile payments revolution has been making waves globally and has become a model for other countries as they take steps towards digitisation. After Singapore's integration in the UPI network, Japan is also considering a similar move. In an interview, Japan's Minister for Digital Transformation has said that Japan is "seriously thinking about joining the Indian UPI payments system". Pioneer of India's mobile and quick response (QR)-based payments, Paytm's Vijay Shekhar Sharma on Saturday welcomed this news and expressed his delight and pride over this. Paytm founder on Saturday took to the micro-blogging site, Twitter, and, said that with Japan working on integration of UPI, it will be "humbling to see Paytm powered Japan's largest mobile payment system" @PayPayOfficial enabled for our home users". The Fintech giant launched PayPay in 2018 with SoftBank and <keyword id="378763" type="General" weightage="50" keywordseo="yahoo-japan" source="Orion">Yahoo Japan</keyword>, empowering the country with cashless transactions. PayPay leverages Paytm's technology to drive mobile payments in Japan and has in fact seen immense popularity. Vijay Shekhar Sharma tweeted: "Very proud to see Japan working to integrate with India's global pride @UPI_NPCI system ! It will be humbling to see Paytm powered Japan's largest mobile payment system @PayPayOfficial enabled for our home users. Thank you @AshwiniVaishnaw sir @konotarogomame " India and Singapore on February 21 linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries. The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong. The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account. Paytm has been instrumental in India's digital transformation through its innovative solutions like QR-code and Soundbox. The company has taken UPI to every nook and corner of India. Paytm Soundbox is an audio-assisted smart device which provides instant notifications when you receive a payment. It is a small portable speaker for your daily payment alerts which comes with a SIM-based connectivity. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/here-are-the-star-batsmen-of-ipl-2023/slidelist/100414800.cms">Virat Kohli to Rinku Singh, here are the best batsmen of IPL 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-plus-vs-realme-narzo-n53-mobile-comparison-phone-comes-under-10000/slidelist/100418931.cms">Redmi A2 Plus vs Realme Narzo N53 – Which of these sub-₹10,000 phones should you buy?</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a>

Seriously thinking about joining the Indian UPI payments system says Japanese official

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> experienced consecutive losses, from nearly ₹9 billion for FY 2016-17 to ₹16 billion for the FY 2017-18. </li></ul><ul><li>Despite the widening loss, Paytm has counted on investments from Berkshire Hathaway, <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> Group and <keyword id="2572690" type="COMPANY" weightage="20" keywordseo="SoftBank-Group">SoftBank Group</keyword> to keep expanding its operations. </li></ul><ul><li>The company’s expenses shot up due to a surge in personnel costs as well as advertising and promotional expenses. </li></ul><ul><li>After the debut in Japan with the launch of <keyword id="2444167" type="PERSON" weightage="20" keywordseo="PayPay">PayPay</keyword>, Paytm is all set to expand into European markets. </li></ul>Paytm’s parent, One97 Communications has<a href="https://www.bloombergquint.com/business/losses-widen-for-paytms-parent#gs.Dp5tQ0o"> recorded a loss of ₹16 Billion</a> for the FY18, which is 2.5 times the revenue recorded for the year. The total revenue climbed to <a href="https://www.livemint.com/Companies/eBavMpOhT3mwIMYlxbtUiI/Paytm-losses-swell-69-to-Rs1490-crore-in-FY18.html">₹3.3 billion, from ₹7.8 billion i</a>n FY17. The company has been trying to cut down on losses since the time it carved out its e-commerce arm from the parent company with a <a href="https://entrackr.com/2018/01/paytm-brings-losses-40/">transfer of assets</a> accounting to ₹6.2 billion at the time of hive-off. However, despite the widening loss, Paytm has remarkably retained its list of investors. The company has counted on investments from Berkshire Hathaway after Alibaba Group and SoftBank Group Corporation that are the <a href="https://www.bloombergquint.com/business/losses-widen-for-paytms-parent#gs.Dp5tQ0o">largest stakeholders</a> for the company with 40% and 20% stake, respectively. Founder, <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, holds a share of 16%. Though the reason for losses are still unanswered, the company’s expenses shot up due to a surge in <a href="https://www.livemint.com/Companies/eBavMpOhT3mwIMYlxbtUiI/Paytm-losses-swell-69-to-Rs1490-crore-in-FY18.html">advertising and promotional expenses</a> covering ₹2.9 billion of the total expense for FY18 as well as ₹5.4 billion towards employee expenses including salary hikes, provident funds and gratuity payments. The company’s online retail business, Paytm mall, which is the third biggest e-commerce retailer in India, deteriorated with a <a href="https://www.livemint.com/Companies/2qbxHBTEys8gGM6uU83wcK/Paytm-Malls-loss-rises-150-times-to-1787-crore-in-FY18.html">loss of ₹1,787 crore</a> on the total revenue. Paytm mall has been putting in all efforts to compete with the players Amazon India and Walmart Inc.’s Flipkart. Nearly 60% of its sales are recorded from offline stores. According to a recent report, Paytm mall has 10 million merchants and is expected to double within a year. The company seems to be looking at a broader aspect of growth since it has launched a mobile-based payment facility ‘PayPay’ in collaboration with SoftBank and Yahoo Japan to get into the global markets. The Paytm founder indicated that they are now going to plan their entry in Europe as their long-term agenda is the expansion of the number of users that roll into electronic transactions.

Paytm’s losses increased exponentially in FY18 thanks to advertising, personnel costs

<ul><li>In an interview with Business Insider, <keyword id="2228335" type="PERSON" weightage="20" keywordseo="Paytm-founder">Paytm founder</keyword> <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> says “Jio is our God” despite the threat of competition from Mukesh Ambani’s company.</li><li>Sharma also revealed plans to take <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> to the US market.</li><li>In India, the fintech platform is targeting to have 25 million merchants on board.</li></ul>It’s not for nothing that when Vijay Shekhar Sharma, founder of Paytm, was introduced at the TiE <keyword id="4390638" type="PERSON" weightage="20" keywordseo="India-Internet-Day">India Internet Day</keyword> event, he was called a “force of nature” by Vani Kola from Kalaari Capital, one of the country’s biggest venture capital firms. VSS, as he’s referred to in India’s startup ecosystem, had a high-energy speech, anecdotes from his early days as an entrepreneur, and blunt remarks, which got everyone else talking too. Business Insider caught up with Sharma to understand his strategy to battle the emerging threat to his business from Mukesh Ambani’s e-commerce venture under Jio. ‘Jio is our God’ Reports about scores of <a href="https://tech.economictimes.indiatimes.com/news/internet/what-went-wrong-at-e-commerce-unicorn-paytm-mall/68981705">losses suffered</a> by <keyword id="4225623" type="PERSON" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword> and the probability of it shutting down have been doing the rounds. When you ask Sharma about the same, he has a different answer – Paytm Mall is back on track. “Paytm Mall is a business that has learnt that Online to Offline (O2O) is the best business model. Our attention on partners keeping items in warehouses has now significantly reduced and we have offloaded many partners. Our focus now is on shops – from where the shipments will happen. This model has worked out incredibly well for us. Year on year, we are up and have already cut one third of the costs,” said Sharma. But Indian e-commerce currently has the likes of Walmart-owned Flipkart and Amazon taking the larger portion of the pie, with both of them even wary about Reliance Jio’s reported entry in the space. Jio with its wide reach and ability to incur losses too, can be a bigger threat in e-commerce. So, where does that leave Paytm? “Jio is our God,” said Sharma and laughed. “If the market has a business model that can survive competition, then it’s okay. I don’t know what their e-commerce model is but there is a good opportunity. India is such an underserved technology market. But I can say this for sure, Jio will be the last man standing. But does that mean we will have our play? Hopefully, we will,” said Sharma. Ticket to the US For Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword>, breaking boundaries and moving global has been the latest play. Startups like Oyo, Ola, Zomato are all expanding internationally and have found success too. Paytm too made the move to go global in October 2018, when it launched PayPay in Japan in partnership with Softbank. PayPay works as a payment wallet where users can store their money for transactions. It had also launched operations in Canada which is still one of their focus markets. But it’s actually closer to Canada where lies the ultimate aim – The United States of America. “The ambition is that what we have built in India goes to the rest of the world as well. Ultimately, America tops that list. In my life, I wish to take Paytm to US and fight the fight there. But that will be in the right time. The intention is clear – we want to ultimately become a business model which is called the Paytm Model and head to a few other countries before they replicate what we are doing,” he said. In India, Paytm plans to double down on their payments business and reach Tier-5 and Tier-6 cities. It is also targeting onboarding 25 million merchants by the end of the year. It currently has over 10 million merchants on its platform. “India is a big market and we are expanding our financial services – insurance is also a sector we want to be in,” he said. Paytm today has its footprint in almost every other industry – from payments to financial services to e-commerce and even the ticketing business. As Sharma, a Queen fan, put it-- “I want it all and I want it now.” See Also: <a href="https://www.businessinsider.in/paytm-takes-on-airbnb-makemytrip-oyorooms-and-trivago-with-its-latest-offer-hotel-bookings/articleshow/67755276.cms">Paytm is competing with almost everyone in Indian e-commerce</a> <a href="https://www.businessinsider.in/alibaba-backed-paytm-receives-sebi-approval-for-stock-broking/articleshow/68682288.cms">Alibaba-backed Paytm gets greenlight from India's market regulator to launch stock broking services</a>

‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US

<ul><li><keyword id="2181438" type="PERSON" weightage="20" keywordseo="Aye-Finance">Aye Finance</keyword>, the lending startup for micro, small and medium enterprises, has roped in former <keyword id="1391131" type="COMPANY" weightage="20" keywordseo="Hero-FinCorp">Hero Fincorp</keyword> Chief Business Officer <keyword id="252940" type="PERSON" weightage="20" keywordseo="Samir-Mehta">Samir Mehta</keyword> as its deputy CEO. </li><li>Mehta will focus on scaling up Aye’s business and will implement strategies to enhance the MSME lenders’ performance and capability.</li><li>Recently, in June, Aye Finance had raised ₹210 crore from CapitalG – Google’s parent company Alphabet’s growth fund. </li></ul>Aye Finance, the lending startup for micro, small and medium enterprises, has roped in former Hero Fincorp Chief Business Officer Samir Mehta as its deputy CEO. Mehta comes with 22-year experience in BFSI, and at Aye Finance, he will focus on scaling up Aye’s business and will implement strategies to enhance the MSME lenders’ performance and capability. “Aye provides much-needed financial services to India’s micro-scale informal businesses and the entrepreneurs who run them – a critical, but often overlooked and underserved population,” Mehta said about joining the startup. “He adds further strength to our team, as we successfully negotiate the times of this economic disruption. Samir’s expertise in P&amp;L management of large businesses and in scaling up lending to the SME segment will be very valuable as we emerge from this period,” said Sanjay Sharma, Managing Director of Aye Finance. Recently, in June, Aye Finance had raised ₹210 crore from CapitalG – Google’s parent company Alphabet’s growth fund. The Series E round also saw participation from GT Lightstone, Falcon Edge Capital, A91 Partners, and MAJ Invest. Aye Finance, founded in 2014, has disbursed loans worth ₹3000 crores to over 200,000 businesses in six years. In November last year, the startup had raised ₹125 crores from the Dutch entrepreneurial development bank – FMO. The company also recently ranked 14 in India’s best places to work by Great Place to Work Institute. The six-year-old Aye Finance is getting aggressive on its focus sector – the <keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword>, given the government push for the growth of India’s small businesses. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

Google-backed Aye Finance brings on board former Hero Fincorp Chief Business Officer

<ul><li>Byju’s, India’s largest online tutoring <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> and a recent entrant to the ‘unicorn club’, is looking to expand to international markets with the its latest acquisition of US-based <keyword id="2251704" type="PERSON" weightage="20" keywordseo="osmo">Osmo</keyword>. </li><li>The acquisition comes just a month after Byju’s received fresh funding of $540 million that valued the company at $3.6 billion. </li><li>Other Indian unicorns testing international markets include Zomato, OYO rooms, PayTm. </li></ul>Byju’s, one of India’s largest online tutoring startups and a recent entrant to the ‘unicorn club’ -- startups valued at $1 billion and above-- is the latest to set its eyes on <a href="https://news.crunchbase.com/news/in-international-push-indian-edtech-company-byju-buys-osmo-for-120m/">expansion into international markets</a> Its $120 million acquisition of Osmo, a US-based startup that makes <keyword id="3423569" type="PERSON" weightage="20" keywordseo="educational-games">educational games</keyword>, is aimed at improving learning experience for kids by blending online tutoring through apps with offline games. The acquisition of Osmo comes just a month after Byju’s received fresh funding of $540 million that valued the company at $3.6 billion. Byju’s, founded in 2015, is also now the <a href="https://www.businessinsider.in/indias-largest-online-learning-service-is-all-set-to-become-the-4th-highest-valued-indian-startup-with-a-254-billion-valuation/articleshow/66474294.cms">fourth most</a> valuable startup in India. 
 <div type="image" title="Byju's 'unicorn club' story" msid="67586213" hostid="261"></div>



 Byju’s had been planning <a href="https://techcircle.vccircle.com/2019/01/16/byju-s-buys-ar-based-learning-platform-osmo-for-120-mn">overseas expansion</a> for a long time by collaborating with partners in the UK, Singapore and Australia, among others. The deal is expected to benefit both companies since Byju’s was seeking to also become a ‘content-driven platform’ aimed at a younger audience — kids of three to seven years of age are Osmo’s target market. While Byju’s apps mostly target school kids across grades 4-12 Byju’s eponymous founder Byju Raveendran <a href="https://news.crunchbase.com/news/in-international-push-indian-edtech-company-byju-buys-osmo-for-120m/">told</a> Crunchbase the company currently has over 1,000 people dedicated to video and game development. Other Indian unicorns in the league eyeing global expansion India’s growing unicorns are now aggressively looking to test overseas markets, keen to have a global presence, and many have already seen some success. The homegrown food delivery unicorn, Zomato, expanded internationally in 2012, starting with Dubai. Since then, the company has grown multifold with an array of acquisitions. In fact, Swiggy has been considering offshore expansion as well, but is currently focussed on <a href="https://www.entrepreneur.com/article/318201">hyperlocal services.</a> Bucking the general trend of international companies expanding in the Indian market last year, digital wallets company PayTm <a href="https://www.businessinsider.in/after-revolutionizing-transactions-in-india-digital-payments-company-paytm-seeks-to-conquer-japan/articleshow/66329611.cms">launched</a> its payments app ‘PayPay’ in Japan. The hotel chain, OYO rooms, has also had a great year in terms of <a href="https://inc42.com/features/2018-in-review-what-were-indian-unicorns-up-to-this-year/">international investments</a>. The company forayed into China, Japan, Spain and the UK among others. The company, with its offshore expansion, is looking to have nearly 2.3 million rooms internationally by 2023. See also: <a href="https://www.businessinsider.in/a-6-year-old-indian-startup-wants-to-be-worlds-biggest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a> <a href="https://www.businessinsider.in/software-and-internet-companies-have-stepped-up-rd-spending-more-than-any-other-industry/articleshow/67449956.cms">Software and Internet companies have stepped up R&amp;D spending more than any other industry</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a>

Online tutoring startup Byju’s is the latest Indian ‘unicorn’ going global

<ul class="summary-list"><li>Elon Musk accused Ralph Nader of lying after claiming he took "taxpayers to the cleaners" with Tesla.</li><li>The former presidential candidate described Musk in a tweet as a "gigantic corporate welfare king."</li></ul>Elon Musk accused consumer advocate and former presidential candidate Ralph Nader of lying after he claimed the billionaire had taken "taxpayers to the cleaners" with Tesla. <a href="https://twitter.com/RalphNader/status/1629202351104966658?s=20" target="_blank" rel="noopener">In a Friday tweet,</a> Nader wrote that Musk "started Tesla with a huge US government welfare grant." However, Musk did not start Tesla as it <a href="https://www.businessinsider.com/most-important-moments-tesla-history-2017-2">was founded</a> in 2003 by entrepreneurs Martin Eberhard and Marc Tarpenning. Nader, 88, accused Musk of taking "taxpayers to the cleaners for his factories and for Starlink. He is a gigantic corporate welfare king masquerading as a capitalist businessman."It was not clear why Nader made the accusations about Musk and Tesla. The tweet ends with "-R," meaning it was written by Nader himself rather than one of his staff.<a href="https://twitter.com/elonmusk/status/1629251610135220226?s=20" target="_blank" rel="noopener">Musk responded</a>: "Ralph Nader, you are lying – shame on you! I personally provided almost all Tesla funding, based on my proceeds from PayPal."Musk got about $175 million when eBay bought PayPay for $1.5 billion in 2002.He became the largest shareholder in Tesla after making a $6.5 million investment in 2004 and took over as CEO in October 2008. "In late 2008, I gave Tesla the last money I had. It was that or the company would have died. We closed that funding round at 6pm on Christmas Eve," Musk tweeted. "If we had not closed that round, Tesla would have gone bankrupt 2 days after Christmas. I gave my last money thinking Tesla would probably still die, not thinking that it would be lucrative."Musk added in his tweet to Nader that the "first meaningful government funding" Tesla received was in the second quarter of 2010. <a href="https://www.tesla.com/en_gb/blog/tesla-gets-loan-approval-us-department-energy" target="_blank" rel="noopener">According to its website,</a> Tesla got about $465 million from the Department of Energy to accelerate the production of electric vehicles. Musk concluded that "Tesla paid back that loan early with interest" and "taxpayers actually made a profit." In a press release in May 2013, <a href="https://www.tesla.com/blog/tesla-repays-department-energy-loan-nine-years-early">the EV maker said</a> it had repaid the loan <a href="https://www.businessinsider.com/tesla-repays-government-loan-2013-5">nine years early</a>."I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate," Musk at the time. "I hope we did you proud."In an <a href="https://nader.org/2023/02/17/letter-to-tim-cook-other-ultra-rich-ceos-and-hedge-fund-titans/" target="_blank" rel="noopener">open letter on February 17</a>, Nader called on Apple CEO Tim Cook and "hedge fund titans" to use their wealth to organize direct relief for the victims of the earthquakes in Turkey and Syria and "other major refugee areas such as the starving children of Somalia."Tesla and Nader didn't immediately respond to requests for comment from Insider, made outside normal working hours.

Elon Musk accuses Ralph Nader of 'lying' over claims he took 'taxpayers to the cleaners' with Tesla

<ul class="summary-list"><li>SoftBank reported a $7.7 billion quarterly profit on Tuesday after a loss last year.</li><li>Gains in its tech bets come as it prepares to invest further in AI and eyes future IPOs.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/masayoshi-son-softbank-gambling-man-lionel-barber-technology-2024-9">SoftBank's</a> bets on AI and timely public listings have helped it post its biggest profits for two years, a year after posting losses in the billions.The Japanese technology conglomerate swung to a 1.18 trillion yen ($7.7 billion) profit on Tuesday. For the same period last year it reported a 931.1 billion yen ($6 billion) loss. Masayoshi Son's company — once associated with its notorious <a target="_blank" class="" href="https://www.businessinsider.com/weworks-nightmare-ipo">failed bet on WeWork</a> and other lossmaking startups — pointed to gains made across its Vision Funds, its huge investment vehicles with both public and private holdings in tech companies.Gains for its Vision Fund 1, a $98.6 billion investment vehicle launched in 2016 with backing from Abu Dhabi and Saudi Arabia's sovereign wealth funds, totaled $3 billion in the second quarter. It reported strong performances in listed companies in its portfolio, such as Didi Chuxing, a Chinese version of Uber.Navneet Govil, chief financial officer at <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank's Vision Funds</a>, told Business Insider that "macro tailwinds" such as US interest rate cuts and stimulus measures in China helped its public portfolio.Vision Fund 2, which made a $500 million investment in OpenAI last month, made a $900 million investment gain in the quarter due to growth in privately held portfolio companies such as Revolut.The UK-based fintech giant, which has won banking licenses in the UK and Mexico in recent months, is now valued at $45 billion. SoftBank invested in Revolt in 2021, when it was worth $33 billion.<h2 id="18d37cf2-1aaf-4020-8453-aa9f8c4b8cca">Tailwinds for IPO activity </h2>Listings in India of companies like Ola Electric have also provided a boost for SoftBank.Govil said SoftBank saw opportunities to realize future gains from IPOs after a period of stagnancy, adding that "rate cuts in the US and elsewhere are constructive developments because they effectively lower the cost of capital and provide a good tailwind for IPO activity."He continued: "We have a late-stage portfolio that's now valued at about $34 billion and some really high-quality companies which are leaders in their respected industries, from ByteDance to PayPay to Fanatics. They will all list when the time is right."Despite the investment gain, Vision Fund 2 has lost an overall total of $21 billion since its inception. The fund has been forced to grapple with a tougher interest rate environment in recent years and a slow <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recent-upcoming-ipo-processes-stock-market-impact-outlook-reddit-astera-2024-4">IPO market.</a>The results come as SoftBank gears up for a huge investment spree in AI to realize Son's ambitious vision. Last month at SoftBank World — its annual customer event — the founder and CEO said he <a target="_blank" class="" href="https://group.softbank/en/event/earnings_2024q2?utm_source=pressmail&amp;utm_medium=email&amp;utm_campaign=press1112#webcast02">hoped to achieve "artificial superintelligence"</a> within a decade.The 67-year-old Son, who made his original fortune with a timely bet on Alibaba, is hoping to create outsize returns in the generative AI era. He has already bet on buzzy companies such as Perplexity and chip firms trying to rival Nvidia, such as Graphcore and Arm.

SoftBank is betting on AI and an IPO revival after swinging to a $7.7 billion profit

<ul><li>The SGX <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> was trading nearly a percent higher.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid mixed cues from the global market, Indian stock-market indices are likely to open lower on Friday. On Thursday, the Dow Jones Industrial Average fell 0.29% or 80.12 points, due to the newly-released US unemployment data. However, at 8:05 am, the SGX Nifty was trading nearly a percent higher. These are the <keyword id="6354298" type="DEFINITION" weightage="20" keywordseo="Stocks">stocks</keyword> to watch out for during the trading session on August 14: <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> Domestic steel major Tata Steel posted a consolidated net loss of ₹4,648.13 crore for the quarter ended June, mainly on account of reduced income. However, on a standalone basis, the company managed to maintain profitability despite a significant reduction in income. According to the filing, Tata Steel posted a standalone net profit of ₹1,193.27 crore in the quarter under review, down from ₹ 1,538.99 crore last year. The shares of Tata Steel ended flat yesterday. <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> Bharat Petroleum Corporation Ltd (BPCL), the highlight among the host of state-run companies put on the block by the government reported a 93% increase in its standalone net profit for the April-June quarter at ₹2,076.17 crore. The rise in profits was largely backed by a 43.22% fall in its total expenditure during the period under review to ₹48,284.06 crore. The shares of BPCL ended nearly 1% lower yesterday. <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> The country’s largest two-wheeler maker Hero posted a 95.38% decline in consolidated net profit at ₹57.78 crore for the first quarter ended June 30, on account of lower sales due to the coronavirus pandemic. The total income during the quarter under review declined to ₹3,119.22 crore as compared with ₹8,410.41 crore in the year-ago period. The shares of Hero ended nearly 2% lower yesterday. <keyword id="80296" type="CITY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> Eicher Motors arm VECV acquired Volvo Group’s bus business in India for ₹100.5 crore. Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV, Eicher Motors said in a statement. The company also reported a consolidated net loss of ₹55 crore for the first quarter ended June 30, with sales adversely hit due to COVID-19 pandemic. The shares of Eicher ended over 2% lower yesterday. Bank of India The board of the Bank of India has approved raising up to ₹8,000 crore by preferential issue, QIP, further public offer, etc. The shares of BoI ended over 1% lower yesterday. Jindal Steel and Power Jindal Steel and Power Ltd (JSPL) has started supplying head hardened (HH) rail to Rail Vikas Nigam Ltd (RVNL) for the Kolkata Metro’s Joka-Esplanade corridor. HH rails are used in high-speed freight corridors and metro rail projects. In a statement, JSPL said the company was selected by RVNL after a bidding process to supply 3,000 tonnes of HH rails for Kolkata metro rail tracks. The shares of JSPL ended nearly 2% higher yesterday. SpiceJet and IndiGo SpiceJet's passenger load factor in July was at 70% up from 68% in June. However, the market share declined from 16.8% in June to 15.7% in July. Similarly, IndiGo's passenger load factor in July was almost flat at 60.2%. However, its market share in July was up at 60.4% compared to 52.8% in June. The shares of SpiceJet and IndiGo ended over 2% and 12% higher, respectively, yesterday. Hindalco, Berger Paints, Glenmark Pharmaceuticals, Voltas These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms" data-type="tilCustomLink">Eicher Motors registers first-ever net loss of ₹55 crore in at least a decade</a> <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms" data-type="tilCustomLink">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

You Searched For "PayPay" and got 10 results

Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

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After revolutionizing transactions in India, digital payments company PayTM seeks to conquer Japan

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Seriously thinking about joining the Indian UPI payments system says Japanese official

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Paytm’s losses increased exponentially in FY18 thanks to advertising, personnel costs

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‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US

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Elon Musk accuses Ralph Nader of 'lying' over claims he took 'taxpayers to the cleaners' with Tesla

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SoftBank is betting on AI and an IPO revival after swinging to a $7.7 billion profit

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