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Shares of <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, <keyword id="6357120" type="General" weightage="20" keywordseo="Paytm" source="Orion">Paytm</keyword>'s parent company, declined 5 per cent on Monday after its president and chief operating officer <keyword id="20266947" type="General" weightage="20" keywordseo="Bhavesh-Gupta" source="keywords">Bhavesh Gupta</keyword> resigned from the company. The fintech firms' stock tanked 4.99 per cent to Rs 351.70 -- its lower circuit limit -- on the BSE. On the NSE, it dropped 5 per cent to Rs 351.40 -- the lowest trading permissible limit for the day. Paytm's parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday. Gupta was steering the lending business, online and offline payments, and compliances, among others, at Paytm. Verticals, headed by him, were adversely impacted by the RBI's ban on Paytm Payments Bank (PPBL) from carrying on new transactions. "Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm's growth initiatives until the end of the year," the statement said. Gupta joined Paytm in August 2020 from Clix Capital, formerly GE Capital. He will be relieved from the services of the company on May 31. Paytm had estimated a Rs 300-500 crore loss due to the RBI's restriction on PPBL. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a><a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank">Bajaj Pulsar NS400Z launched at ₹1.85 lakh, becomes cheapest 400cc bike in the country</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a>

Paytm shares decline 5, hit lower circuit as COO Bhavesh Gupta resigns

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> has appointed <keyword id="6687444" type="UNKNOWN" weightage="20" keywordseo="bhavesh-gupta">Bhavesh Gupta</keyword> as SVP and CEO of its lending business. Gupta, had just recently resigned from his position as the CEO of <keyword id="3660661" type="PERSON" weightage="20" keywordseo="Clix-Capital">Clix Capital</keyword>.</li><li>Clix Capital, which has been in partnership with Paytm for over a year now, is headed for a merger with Lakshmi Vilas Bank. </li><li>Paytm’s lending operations will begin with lending from various NBFCs and bank partnerships. </li></ul>Paytm has appointed Bhavesh Gupta as SVP and CEO of its lending business. Gupta, had just recently resigned from his position as the CEO of Clix Capital and had grown the loan book of the NBFC to ₹5,500 crore, according to <a href="https://bfsi.economictimes.indiatimes.com/news/nbfc/bhavesh-gupta-resigns-as-ceo-of-clix-capital/77105241">reports</a>. Gupta also has over a decade of experience of working with banks. “I plan to build along with a fantastic team the most cost-effective &amp; consumer-friendly lending products for all citizens. The wealth management and financial service solutions that Paytm is building are transforming the lives of millions of Indians and are relevant globally as well,” said Gupta in a statement. Interestingly, Clix Capital, which has been in partnership with Paytm for over a year now, is headed for a merger with <a href="https://timesofindia.indiatimes.com/business/india-business/lvb-and-clix-capital-amalgamation-may-seek-extension/articleshow/77249807.cms">Lakshmi Vilas Bank</a>. Paytm’s lending operations will begin with lending from various NBFCs and bank partnerships. Paytm Payments Bank is not yet allowed to lend according to the RBI. “Paytm is on a mission to democratise diversified financial services in the country and access to credit for consumers and small businesses is a critical enabler to fulfil their ambitions and wishes,” said Amit Nayyar, President at Paytm. The Vijay Shekhar Sharma-led Paytm has also been ramping up its offerings. It recently launched stock broking services and also forayed into insurance. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/paytm-to-launch-stock-broking-services-in-the-next-few-weeks-says-founder-vijay-shekhar-sharma/articleshow/77128909.cms">Paytm is set to launch its stock market trading service in the next few weeks, says founder Vijay Shekhar Sharma</a> <a href="https://www.businessinsider.in/finance/news/whatsapp-is-starting-lending-and-insurance-with-a-number-of-users-that-paytm-phonepe-and-amazon-took-years-to-build/articleshow/77124146.cms">WhatsApp is starting lending and insurance with a number of users that Paytm, PhonePe and Amazon took years to build</a>

Paytm is scaling up its lending operations – brings on board former Clix Capital CEO

New Delhi, Shares of One97 Communications, parent firm of <keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword>, settled 19 per cent lower on Thursday, a day after the company announced it will focus on high-ticket lending and go slow on loans that are less than Rs 50,000. The scrip of the company nosedived 18.74 per cent to close at Rs 660.70 apiece on the NSE. On the BSE, <keyword id="4326962" type="General" weightage="20" keywordseo="paytm-shares" source="Orion">Paytm shares</keyword> tumbled 18.69 per cent to end at Rs 661.30 per share. During the day, the scrip of Paytm plunged 20 per cent to hit the lower circuit of Rs 650.65 and 650.45 per piece on BSE and NSE, respectively. On the volume front, 3.68 crore shares were traded on the NSE, and 48.50 lakh shares changed hands on the BSE, during the day. At the end of the session, the 30-share BSE Sensex fell 132.04 or 0.19 per cent lower to settle at 69,521.69 points, while Nifty slipped 36.55 points to 20,901.15. On Wednesday, One97 Communications, which operates under the Paytm brand, said it will focus on high-ticket loans and go slow on loans that are less than Rs 50,000. "We are seeing better performance on the merchant side than the consumer side. "We will try to do a lot more there. Our focus now on the calibration of business is on high ticket, slowing down to less than Rs 50,000," Paytm's President and Chief Operating Officer Bhavesh Gupta said at an analyst call on Wednesday. He said postpaid loans will gradually start reducing in the overall lending business. The company acquires 3.5-4 lakh new postpaid loan customers on an average every month, out of which around 70 per cent opted for borrowing of less than Rs 50,000.

Paytm stock hits lower circuit after it shifts focus to big ticket loans

<ul><li>Analysts say that Paytm’s management appears confident of achieving adjusted EBITDA break-even by September 2023. </li><li>Moreover, Paytm plans to become cash flow positive within the next 12-18 months. </li><li>CLSA said that target for free cash flow is in-line with its view of cash burn ending in the next 4-6 quarters. </li><li>Further, Paytm expects to largely double its unique borrower base from the current 7 million in 12 months’ time.</li></ul>Shares of Noida-based digital payments and financial services company One97 Communications (Paytm) surged nearly 8% on Friday after the company’s analyst meeting on December 1 set an optimistic timeline for its future growth trajectory. Analysts say that Paytm’s management sounded confident about achieving adjusted EBITDA break-even by September 2023. Moreover, it plans to become free cash flow positive within the next 12-18 months. EBITDA is earnings before interest, taxes, depreciation and amortisation. Paytm’s commitment towards becoming profitable may pacify investors as the stock value is down 70% in the last one year. While many new-age tech stocks have been <a href="https://www.businessinsider.in/stock-market/news/four-new-age-company-stocks-turn-volatile-post-end-to-lock-in-period/articleshow/95583789.cms#:~:text=Shares%20of%20new%2Dage%20companies,eligible%20to%20sell%20their%20shares.">beaten down in November </a>after their IPO lock-in periods ended, Paytm has seen the most value destruction. “Public markets listing, which is considered a litmus test for valuations, has ended up becoming a poisoned chalice for a few. This trend is a clear indication that startup valuations based on “2021 parameters” in private markets are up for a bumpy ride,” said Anas Rahman Junaid, MD and chief researcher at Hurun India. Two large block deals, with media reports suggesting Masayoshi-led <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword> was to exit the company, also spooked investors on November 17 – the stock lost 10% of its value on that day. Moreover, the large-scale concerns on their ability to achieve profitability were exacerbated by widening net losses in the latest quarter. In the quarter that ended in September, Paytm’s net losses widened 20% year-on-year to ₹571 crore compared to ₹473 crore in Q2 FY22. Meanwhile, its revenue grew 76% to ₹1,914 crore in the same period. However, its EBITDA losses stood at ₹538 crore in Q2 FY23. <cmsannotation type="cmsannotation" annotationid="Key notes from analysts’ call" comment="subhead" text="Key notes from analysts’ call">Key notes from analysts’ call</cmsannotation> However, the recent promise to end cash burn seems to have cooled some of the concerns that the investors had. “While we have remained cautious on Paytm’s business model since our initiation given the high cash burn, risk on take rates in financial services business and long road to profitability, its operating metrics are gradually improving (net payment margin, ramp up of financial services) with management’s focus on increasing efficiencies and profitability, which in turn should aid Paytm achieve EBITDA breakeven by FY26E, in our view,” said analysts at JM Financial in a report. Brokerage firm CLSA, after the analysts meeting said, “On profitability, it (Paytm) expects to become free cash flow positive in the next 12-18 months, which is in line with our view of cash burn ending in the next 4-6 quarters, as highlighted in our recent report.” Further, Paytm has been shifting focus to its lending business. It expects to largely double its unique borrower base from the current 7 million in 12 months’ time. Currently, around 30% of the company’s BNPL (buy now pay later) customers have credit cards. It has also tied up with multiple leading non-banking financial companies (NBFCs) to provide end-to-end digital loans across 3 categories: postpaid loans (BNPL), personal loans and merchant loans Payments business remains a key vertical with 79.7 million average monthly transacting users and 4.8 million subscription paying merchants. Payments business has two key margin drivers – payment processing and subscription revenues, says a report by JM Financial. Paytm believes its net payment margin will not be impacted materially even if there is a reduction in merchant discount rate (MDR). Note that MDR is a rate charged to a merchant for payment processing of a debit or credit card transaction. While its <a href="https://www.businessinsider.in/business/corporates/news/paytms-lending-and-merchant-businesses-drive-revenue-growth-in-q2-low-penetration-offers-headroom-for-growth-say-analysts/articleshow/95423464.cms">lending and merchant businesses are growing</a>, their penetration is still low. Only 4% of its 79.7 million monthly transacting users (MTU) avail postpaid loans. Even fewer, at 0.6% of them, avail personal loans – indicating that there is room for growth in this business. Paytm also monetises traffic on Paytm app by providing marketing services to other businesses. It helps merchants sell their tickets, gift vouchers, deals, etc. and is currently cash profitable. “Management stated that the journey to attain operating profitability (EBITDA before ESOP cost) via consistent margin improvement has exceeded its expectations in the past few quarters,” said analysts at ICICI Securities. Post the management call by Paytm that provided insights on its business model, analysts have come out with largely positive reports, with at least one upgrade in stock rating. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rating </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹650 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Equal weight </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹695 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Upgraded to Buy from Sell </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,285 </td></tr></tbody></table> Paytm’s analyst meeting in Mumbai was addressed by the top management including <keyword id="914589" type="General" weightage="50" keywordseo="vijay-shekhar" source="Orion">Vijay Shekhar</keyword> Sharma – chairman, MD and CEO, <keyword id="3723104" type="General" weightage="50" keywordseo="madhur-deora" source="Orion">Madhur Deora</keyword> – president and group CFO and Bhavesh Gupta – COO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-at-80-against-the-usd-a-possibility-say-analysts-as-us-fed-hints-at-slower-rate-hikes/articleshow/95940818.cms">Rupee may hit 80/$ aided by trifecta of softer rates, cooling crude and stronger macros, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-largest-employers-companies-in-india-in-2022/slidelist/95940138.cms">These companies are the top 10 employers in India as per Hurun list 2022</a>

Paytm’s optimistic growth projections boost sentiments, shares climb nearly 8%

<ul><li>The Chennai-based startup provides robotic solutions for the sanitation industry, such as robots for cleaning septic tank cleaning and pipeline detection. </li><li>Incubated at <keyword id="6356755" type="General" weightage="20" keywordseo="iit-madras" source="Orion">IIT Madras</keyword>, the startup won the award for the Best on Campus category at ET Startups Awards 2022. </li><li>The founders walked away with an investment of ₹90 lakh for 3% equity from sharks Anupam Mittal and Peyush Bansal. </li></ul>The harsh reality of <keyword id="6390598" type="General" weightage="50" keywordseo="manual-scavenging" source="Orion">manual scavenging</keyword> and its impact on people’s lives and health can’t be ignored. <keyword id="14698200" type="General" weightage="20" keywordseo="Solinas-Integrity" source="Orion">Solinas Integrity</keyword>, the latest startup to appear on the second edition of <keyword id="1417364" type="General" weightage="80" keywordseo="shark-tank" source="Orion">Shark Tank</keyword> India, aims to end the problem of <keyword id="7915231" type="General" weightage="100" keywordseo="manual-scavenging-in-India" source="Orion">manual scavenging in India</keyword> by developing robotic solutions for the sanitation industry. The sharks on the reality show fought to become investors in the Chennai-based startup that is an end-to-end water sanitation management company. One of the sharks - boAt co-founder Aman Gupta – had this to say as he bowed out of the fight: “The shit is (a) hit (referring to the shark fight). Your purpose and cause are good. You have mentors and funds, what else do you need? I’m out but I’m glad they’ve made offers.” <cmsannotation type="cmsannotation" annotationid="Septic tank-cleaning robot that requires no manual intervention" comment="subhead2" text="Septic tank-cleaning robot that requires no manual intervention">Septic tank-cleaning robot that requires no manual intervention</cmsannotation> Founded in 2018, Solinas manufactures three products (which it has also designed): HomoSEP- a septic tank cleaning robot, Endobot - a pipeline crawler (or inspection robot), and iGlobus - an inline inspection robot designed for long-distance leak and pilferage detection. Between 2017-2021, 330 people lost their lives due to "hazardous cleaning of sewer and septic tanks" in India, as per the <a href="https://www.thequint.com/news/politics/330-people-died-cleaning-tanks-but-no-manual-scavenging-deaths-government-says-in-monsoon-session#read-more">data presented in Lok Sabha in August 2022</a>. The government, which has introduced several measures to prohibit manual scavenging and rehabilitate those involved, does not consider septic cleaning as manual scavenging, despite the National Human Rights Commission’s (NHRC) recommendation to expand the definition of manual scavengers. Solinas claims that HomoSEP is the first-ever septic tank cleaning robot in India that requires no manual intervention. Traditionally, smaller suction machines (priced at ₹15-₹20 lakh) remove the top layer of waste in the septic tanks. But the hard sludge at the bottom of septic tanks is cleaned by manual scavengers, who step into a manhole with little to no protective gear. Compared to global solutions like super-sucker machines with a starting price of ₹3-₹4 crore, HomoSEP is more affordably priced between ₹15-₹25 lakh, stated the founders. While super-sucker machines traditionally use a high-vacuum suction system, HomoSEP is equipped with a patented multiple-blade cutter that can mix the deepest and hardest sludge at the bottom, and a suction pump that can store and transfer the sludge through a pipe into a tank. Meanwhile, Endobot includes a range of robots. These are pipeline crawlers that can inspect underground pipelines to identify leaks, contamination, and other critical defects. Endobots offer live visual inspection and instant leakage and blockage detection. Endobots operate as a service-based business model. iGlobus is a spherical robot developed for long-range inspection of pressurised water pipelines that are 10 inches or larger. In just a single deployment, it provides long-distance inspections for up to 24 hours and carries highly sensitive acoustic sensors and odometry sensors for leak detection and localisation respectively. <cmsannotation type="cmsannotation" annotationid="Converting a college project into a business" comment="subhead2" text="Converting a college project into a business">Converting a college project into a business</cmsannotation> Incubated at IIT Madras, Solinas currently has six founders - four of whom appeared on Shark Tank India. However, the man behind the idea was Divanshu Kumar. Originally hailing from Bihar, Kumar was studying at IIT Madras when he came up with the idea of developing a robot to clean septic tanks for his final year project. But it wasn’t until he actually talked to sanitation workers that he decided to turn this project into an impactful product. “For the first 3 months, I just wanted to be done with the project. (But) when we presented the project to sanitation workers, they laughed at our solution. They said, “have you ever seen a septic tank? Look at our nails, our skin - they’re peeling and affected. Because we have to step inside a septic tank.” When I saw them I decided, I have to take a chance - develop something worthwhile,” shared Kumar. The other three co-founders who appeared on the show are Bhavesh Narayani, Moinak Banerjee and Linda Jasline. Narayani, hailing from Gwalior, is also an alumnus of IIT Madras. He joined the company in 2019 and is the head of product development. Banerjee, from West Bengal, and Jasline, from Chennai, joined the company later. “This is amazing. Bodh Gaya (Bihar), Durgapur (West Bengal), Gwalior and Chennai - it appears to be a national integration project,” said shark Namita Thapar, executive director at Emcure Pharmaceuticals, about the founders. Interestingly, Narayani actually got married by employing the services of shark Anupam Mittal’s business venture, Shaadi.com. The founding team of Solinas also includes two IIT professors with whom Kumar worked with to develop the products. Solinas was also the <a href="https://economictimes.indiatimes.com/tech/startups/et-startup-awards-2022-solinas-integrity-wins-the-best-on-campus-category/articleshow/95187099.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">winner </a>in the Best on Campus category at ET Startups Awards 2022. The founders shared on the show that Solinas has applied for 4 patents, 2 of which have been granted. Solinas launched its products in 2020 and has already partnered with different municipalities and organisations. Its client base includes Pfizer, Kerala Water Authority, Mahindra World City (Chennai), and Voyants, to name a few. It generated sales to the tune of ₹1.2 crore in FY22. The founders stated that the annual recurring revenue (ARR) for FY23 was ₹5 crore, of which ₹3 crore is the expected revenue from HomeSEP machine and ₹2 crore from Endobot services. <cmsannotation type="cmsannotation" annotationid="Sharks fight for a front-row seat to the ‘shit’ show" comment="subhead2" text="Sharks fight for a front-row seat to the ‘shit’ show">Sharks fight for a front-row seat to the ‘shit’ show</cmsannotation> All the sharks were floored by the founders’ vision and cause. Thapar made the first offer, jointly, with Amit Jain, co-founder of CarDekho.com, – ₹52 lakh for 2% equity, with ₹38 lakh debt at 10% interest. This valued the startup at ₹26 crore, equivalent to the last valuation of the startup – the founders stated that they had raised ₹4.2 crore, valuing the company at ₹26 crore, 3 months before the show. Shaadi.com founder Anupam Mittal and Lenskart founder Peyush Bansal followed with a joint offer of ₹90 lakh for 3.35% equity, valuing the startup at ₹26.9 crore. “You'll have to make partners in your business. Look at the transport industry in India. When employment was created, whether it was food delivery or ride-sharing, everything worked. The solution to some of the biggest problems in India is to make micro-entrepreneurs,” remarked Bansal when making the offer. The founders responded to both offers by requesting a revised valuation without debt, keeping in mind the current crop of investors who also came at a valuation of ₹26 crore. Consequently, Bansal and Mittal revised their offer to ₹90 lakh for 3% equity, raising the company’s valuation by approximately ₹4 crore to ₹30 crore. However, Thapar and Jain, who were willing to revise their debt-equity deal, backed out as they believed the founders wanted to go with Bansal and Mittal. Ultimately, the founders agreed to a deal with Bansal and Mittal, walking away with an investment of ₹90 lakh for 3% equity. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-new-zealand-t20-to-begin-from-january-27-squads-match-dates-and-head-to-head-record/slidelist/97301912.cms">India vs New Zealand T20 from January 27 – squads, match dates, and head-to-head record</a>

The IIT-Startup working to end manual scavenging in India wins big on Shark Tank

<ul><li>The company plans to disburse ₹1,000 crore in loans by March 2021, up from the ₹550 crore in the last financial year. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s lending operations began in partnership with various NBFCs and banks. </li><li>The Vijay Shekhar Sharma-led Paytm has been focussed on the merchants’ category for the growth, where it claims to have 50% of the market share in merchant payments. </li></ul>Indian digital payments leader Paytm has said that it’s doubling down on its loan disbursement targets for the year. The company plans to disburse ₹1,000 crore in loans by March 2021, up from the ₹550 crore disbursed in the last financial year. The company offers collateral-free loans up to ₹500,000. “Loan repayment is primarily collected from the merchant’s daily settlement with Paytm and there are no prepayment charges on these loans,” said the company. Paytm’s lending operations began in partnership with various NBFCs and banks. Paytm Payments Bank is not yet allowed to lend according to the RBI. Earlier in 2018, Paytm had also partnered with Clix Capital to disburse loans. “With our collateral-free instant loans, we are trying to help kirana stores &amp; other small business owners who have been left behind by the traditional banking sector and do not have easy access to loans and credit. Going forward, we will especially focus on EDC merchants and provide higher loan amount based on their EDC transactions,” said Bhavesh Gupta, CEO, Paytm Lending. Gupta was brought on board Paytm last year, from his previous role of CEO of Clix Capital. The Vijay Shekhar Sharma-led Paytm has been focussed on the merchants’ category for the growth where it claims to have 50% of the market share in merchant payments. A Goldman Sachs report shares that Paytm is currently accepted by 17 million merchants, of which 70% are active, and that financial services is a significant growth bet for Paytm. Paytm also gives tough competition to the likes of Khatabook with its Paytm for Business app where it helps merchants track payments instantly, navigate through the past collections, and track settlements. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-cyber-espionage-groups-that-have-india-in-their-crosshairs/slidelist/79120867.cms">Top cyber espionage groups that have India in their crosshairs</a>

Paytm aims to disburse ₹1000 crore in small loans by March – that's twice as much as last year

Leading digital financial services platform <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> on Monday said it will partner with various card issuers to introduce co-branded credit cards and is aiming to issue 20 lakh cards in the next 12-18 months. The move is aimed at transforming the credit market by enabling "new to credit" users to join the digital economy, the company said. "In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India's aspiring youth and evolved professionals," Bhavesh Gupta, CEO - Paytm Lending, said in a statement. "These cards are designed to help them lead a healthier financial life through managing and analysing spends to make well-informed decisions. This can transform the credit market by bringing 'new to credit' users into the formal economy." Given the limited access to banking, stringent documentation and long processing times, India's credit card penetration stands at only three per cent compared 320 per cent in markets such as the US. With its digital application process, alternate (spends based) underwriting, and minimal documentation, Paytm said it aims to democratise the credit card access for masses and plans to capture at least 10 per cent of this largely untapped market. Paytm said it is designing an innovative digital experience on its app allowing users to manage their overall spends and have full control over the card usage. The digital payments company said its credit card will provide insurance protection against fraudulent transactions to protect users' money. The company plans to issue the cards based on both traditional credit score and user's purchase patterns on Paytm. The company last week announced the same-day settlement facility for all kinds of fund transfers on its payment gateway that will help businesses that depend upon immediate availability of funds to pay down-stream partners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmart-gets-ready-to-take-on-jiomart-falling-profits-and-footfalls-competition-push-radhakishan-damani-towards-e-commerce/articleshow/78743910.cms">DMart gets ready to take on JioMart – falling profits and footfalls, and competition push Radhakishan Damani towards e-commerce</a>

Paytm enters credit card business, to issue 20 lakh cards in 12-18 months

Mumbai, May 22 () Bankers on Friday said the 40 basis points reduction in repo rate by the Reserve Bank of India will give a big support to the sagging economy. The RBI on Friday reduced the repo rate by 40 basis points to 4 per cent, the lowest since it came into being in 2000. The central bank also announced a slew of measures, including extension of moratorium on loan repayments by another three months and increasing bank exposure to corporates to 30 per cent of the group's net worth from the current limit of 25 per cent. "The RBI policy announcement in response to the fallout of COVID-19 pandemic is timely. The reduction in policy rate by 40 bps under the assumption that growth in FY21 will be negative is an appropriate move to support economic activity," State Bank of India (SBI) Chairman Rajnish Kumar said. RBI Governor Shaktikanta Das said given the uncertainties, GDP growth in 2020-21 is estimated to remain in the negative territory, with some pick-up from the second half of the current fiscal. "The RBI continued with its extraordinary commitment in its fight against COVID-19. The latest round of rate cuts, moratorium extension, deferment of interest on working capital facilities and relaxation in asset classification will provide the requisite balm to the economy," Standard Chartered Bank India CEO Zarin Daruwala said. RBI extended the three-month moratorium on loan repayments from June 1 to August 31, 2020. "It was a good decision. There was a requirement of extension of moratorium since the lockdown has not been lifted 100 per cent," Central Bank of India Managing Director and CEO Pallav Mohapatra said. RBI permitted to convert the accumulated interest on working capital facilities over the deferment period up to August 31 into a funded interest term loan which will be repayable not later than the end of the current financial year. "Conversion of interest on working capital loans for the moratorium period into funded interest term loan (FITL) will give a breather to the borrowers," Indian Bank's Managing Director and CEO Padmaja Chunduru said. The time period for repayment of that component could have been longer than just seven months, she added. According to Bank of Baroda's Chief Economist Sameer Narang, RBI has room for another 25 basis points reduction in policy rate as GDP is likely to contract by 4.7 per cent in FY21 with CPI inflation at 3.5 per cent. Yes Bank's Senior Economist Vivek Kumar said there could be further support from RBI in the form of another 50 basis points cut in the repo rate amid widening of negative output gap and assertion of disinflationary pressures. "We also expect RBI to come up with a large scale bond purchase program (via OMOs) covering both g-secs and SDLs to lower elevated term premium and credit spreads in the economy," he said. Harsh Shrivastava, chief executive officer of Microfinance Institutions Network, said, "MFIN and its members will be happy to extend moratorium to those customers who need it the most while welcoming clients who are able to pay if they have cash flow." Religare Finvest President and Head (Corporate Planning and Strategy) Pankaj Sharma said extension of loan moratorium and permission to convert accrued interest on the moratorium into a funded interest term loan to be paid during the tenure of the loan will ease the pressure on the lending entities, especially NBFCs. "The group exposure limit enhancement for banks will help channelize the credit flow to the NBFC sector. The 3 month extension of the moratorium relief was expected due to the extended lockdown of COVID-19," Tata Capital Managing Director and CEO Rajiv Sabharwal said. Clix Capital CEO Bhavesh Gupta said for banks and NBFCs, moratorium may lead to an increase in NPAs in the long term and it would have been better had RBI also announced directions on one-time restructuring of loans and other support measures. HV ABM ABM

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Paytm shares decline 5, hit lower circuit as COO Bhavesh Gupta resigns

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Paytm’s optimistic growth projections boost sentiments, shares climb nearly 8%

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The IIT-Startup working to end manual scavenging in India wins big on Shark Tank

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Paytm aims to disburse ₹1000 crore in small loans by March – that's twice as much as last year

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Paytm enters credit card business, to issue 20 lakh cards in 12-18 months

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RBI's rate cut to support economy, say bankers

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