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<keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>’s business has skyrocketed and clocked about 25 million transactions since <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>’s announced <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> and declared Rs 500, Rs 1000 notes as illegal tender. The offline transactions of the company are expected to be of around Rs 150 crore in value. 
 
The growth comes less than a week after it launched a new speedtracker function, which can track down the merchants who accept Paytm. 
 
With cash crunch gripping customers and traders alike, Paytm's ‘Nearby’ feature aims to carry a directory of over 8 lakh offline merchants and partners on Paytm's platform with 2 lakh merchants included in the first phase. 
 "The offline share of our business has surpassed online in the past five days and forms around 68-70% of the business now from the 50% earlier," <keyword id="3810580" type="PERSON" weightage="20" keywordseo="deepak-abbot">Deepak Abbot</keyword>, senior vice-president, Paytm, told ET. 
 
The company has also introduced a feature to change the language to 10 regional languages so as to make it more user-friendly. Through the multi-lingual visibility alone, the company is expecting to grow its business 80%. 
 
The company’s rival MobiKwik, which has a similar offline feature, has seen an additional 200% in downloads in the past few days, while adding 2,00,000 users every day. 
 
For Paytm, local travel and transport has been the bread winner as far as its offline revenue pie goes. 
 
"Transport has done very well in the past five days with around 8,50,000 transactions per day as against the 3,00,000 per day before the drive. At the rate at which the business is happening, we might even see 4-5x growth now," Abbot told ET. 
(image: IndiaTimes)

Paytm is having a gala time as transactions cross 25 mn, thanks to demonetisation

<ul><li><keyword id="10229031" type="General" weightage="20" keywordseo="indiagold" source="Orion">Indiagold</keyword> claims to offer gold-backed loans, gold savings and gold locker services to over a million users in India.</li><li>PayU is also an investor in state-run NPCI and payments platform Dot.Pe and more.</li><li>Indiagold will use the $12 million funding to scale its business and roll out operations nationally.</li></ul>Indiagold, a fintech startup that offers gold loans, has raised $12 million funding to scale its business and roll out operations nationally. The Series A round was led by financial services platform PayU and Alpha Wave Incubation (AWI), which is a fund managed by Falcon Edge Capital. Better Tomorrow Ventures, 3one4 Capital, Rainmatter Capital and existing investor Leo Capital also participated in the round. “Empowering disruptive fintech entrepreneurs through early-stage investments is a key element of PayU’s growth strategy. By supporting businesses that complement our existing portfolio, we aim to achieve our vision of developing a fintech ecosystem that will meet the financial services needs of millions of Indians,” said Vijay Agicha, global head of strategy and growth at PayU. PayU is also an investor in state-run National Payments Corporation of India (<a href="https://timesofindia.indiatimes.com/business/india-business/npci-sells-4-6-to-19-fintech-payment-cos/articleshow/79436732.cms">NPCI</a>) payments platform <a href="https://www.businessinsider.in/business/news/google-payu-and-info-edge-ventures-invest-200-crore-in-online-to-offline-commerce-platform-dotpe/articleshow/81704999.cms">DotPe</a>. It also acquired loan company<a href="https://www.businessinsider.com/payu-enhances-lending-venture-with-paysense-acquisition-2020-1"> PaySense</a> last year. Launched in 2020 by Nitin Misra and Deepak Abbot, Indiagold offers gold-backed loans, gold savings and gold locker services. The company aims to digitise lending against gold in India. The company claims to be building a “doorstep” <keyword id="130134" type="General" weightage="20" keywordseo="gold-loan" source="Orion">gold loan</keyword> business that is powered by a technology stack, artificial intelligence (AI)-based gold assessment capabilities and faster gold release as well as a transparent repayment policy. Co-founders Misra and Abbot, in a joint statement, highlighted that India offers a larger $650 billion addressable gold loan market, but it is highly fragmented and currently dominated by the informal segment. The company further claimed that 70% of gold loans demand in India are currently catered by the informal sector. Misra and Abbot have previously worked at digital payments giant Paytm. Misra has also been associated with GE Capital, NIIT, Airtel and Samsung. Abbot has worked with CyberMedia, Times Internet, Satyam Computers, Zapak Digital Entertainment and Get Smart App. SEE ALSO <a href="https://www.businessinsider.in/science/health/news/mukesh-ambanis-reliance-life-sciences-gets-approval-to-conduct-trials-for-its-covid-19-vaccine/articleshow/85677741.cms">Mukesh Ambani-owned Reliance Life Sciences' COVID-19 vaccine — here's all we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-wipro-adani-green-and-other-top-stocks-to-watch-out-for-on-august-27/slidelist/85676193.cms">Infosys, Wipro, Adani Green and other top stocks to watch out for on August 27</a> <a href="https://www.businessinsider.in/business/startups/news/google-backed-dunzo-earned-nearly-600-crore-from-8-cities-in-fy21-ceo-says-theyll-start-expanding-now/articleshow/85656919.cms">Google-backed Dunzo earned nearly ₹600 crore from 8 cities in FY21, CEO says they'll start expanding now</a>

Digital gold loan company Indiagold raises $12 million from PayU and others

<ul><li>An <keyword id="9292225" type="UNKNOWN" weightage="20" keywordseo="iit-roorkee-student-shivank-agarwal">IIT Roorkee student Shivank Agarwal</keyword> has reportedly built an app called <keyword id="9292226" type="UNKNOWN" weightage="20" keywordseo="Mitron-TV">Mitron TV</keyword> and it now has over 5 million downloads in just one month of its launch. </li><li>The short video platform made in India has a 4.7 star rating on Google Play store. This comes at a time when the popular video platform it is a copy of – <keyword id="6762469" type="UNKNOWN" weightage="20" keywordseo="TikTok">TikTok</keyword> has a rating of 1.4 star. </li><li>Deepak Abbot, co-founder of Flat White Capital and former Sr Vice President at Paytm called the word “Mitron” the growth hack for the app. </li></ul>There was a time when memers in India looked forward to Prime Minister Narendra Modi beginning his speeches with the word “Mitron”. Such is the popularity of the word and the love of Indians for TikTok, that an IIT Roorkee student <a href="https://www.techradar.com/in/news/mitron-app-gives-tiktok-a-challenge-will-it-sustain-though">Shivank Agarwal</a> has reportedly built an app called Mitron TV and it now has over 5 million downloads in just one month of its launch. Deepak Abbot, co-founder of Flat White Capital and former Sr Vice President at Paytm called the word “Mitron” the growth hack for the app. <div type="twitter" handle="deepakabbot" handlename="deepakabbot" image="http://pbs.twimg.com/profile_images/1197371543287816192/pYK77Tn7_normal.jpg" favoritecount="4207" retweetcount="1517" status="IIT Roorkee student has quietly released a Tiktok clone called “Mitron TV” a month back and it has not only achieve… https://t.co/txNOVkL4nO" createdat="1590413529000" id="1264912138826584066"></div> The short video platform made in India has a 4.7 star rating on Google Play store. This comes at a time when the popular video platform it is a copy of – TikTok has a rating of 1.4 star, because of several factors including the fact that it is a Chinese app. TikTok’s rating took another beating <a href="https://www.businessinsider.in/tech/news/tiktok-gogole-play-ratings-fall-to-1-3-stars-after-4-million-comments/articleshow/75842653.cms">after the YouTube vs TikTok fight</a>. But Mitron is not the only app reaping from the benefits from the fall of TikTok. Another content platform Bolo Indya is now claiming to be a “Made in India brand for all creative minds and content creators, especially those who want to ‘go local’” aligning itself with PM Modi’s ‘Atma Nirbharta’ (self reliance) initiative. The app is also building on TikTok’s fall and has witnessed a three-fold increase in its daily downloads in the last 10 days. “Bolo Indya has received over 300 emails by the users on its support to provide users the features like Tiktok and be used by them as an Indian app for creating short videos (majorly allowing 15 sec videos, background music and in-app camera),” said the company. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-youngest-son-anant-ambani-joins-reliance-jio-as-director/articleshow/75996072.cms">Mukesh Ambani’s youngest son Anant Ambani who said “Reliance meri jaan hai” joins Jio Platforms as Director</a>

IIT Roorkee student’s TikTok clone app Mitron TV is riding high in downloads because of its association with PM Modi’s favourite word

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> When billionaire Ajay Piramal sold his successful pharmaceutical company Nicholas Piramal to Abbot in 2010, many people were surprised. After all, he has been in this business for decades, but few remember that in the late 80s, before he purchased Nicholas Labs, he was running a textiles company and a machine tools company! Today, the $4 billion Piramal Enterprises spans sectors as varied as pharmaceutical and financial services and makes a third of its revenue outside India. The larger Piramal Group has interests in real estate and glass manufacturing as well, with offices in over 30 countries. After he completed business management from Jamnalal Bajaj Institute of Business Studies, entered the family business, his father handed him a newly acquired company called Miranda Tools to run - an experience that later helped him deal with the many companies he would acquire in his illustrious career ahead. A wide portfolio A young Piramal had initially faced many hardships including the labour troubles in the textile sector, before he made his entry into pharmaceuticals. That’s when the world saw his penchant for striking deals - a move which diversified the company across the entire range of drugs. He scooped up the domestic manufacturing plants of many multinational pharma majors like Roche, Aventis and more and it helped that back then MNCs were exiting India. Thanks to the many deals he made including buying a glass maker and bulk drug maker and by the time he sold the company, it had presence across the therapeutic range right from antibiotics to dermatological drugs to cardiovascular products. The <a href="https://www.business-standard.com/article/specials/of-mergers-and-spin-offs-198030201049_1.html">merger with Boehringer Manheim </a>added diabetics and even diagnostics range to its ever growing portfolio that helped it balance risks as a number of drugs’ prices were controlled by the government in the 2000s. The joint venture specialist Piramal also took a visionary approach to his business unlike most of his peers who were reverse engineering drugs in the domestic business earning ire from Big Pharma. Instead he struck joint ventures with MNCs like Boots and Allergan - some of whose brand rights were transferred to the business. By the time the company was sold to Abbott at a spectacular valuation which is 30 times the profit it was making, Nicholas Piramal had six Over-The-Counter brands <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/the-inside-story-of-how-ajay-piramals-pharma-empire-received-a-boost-after-the-abbott-sale/articleshow/62891694.cms">in the top sellers list </a>along with presence in every other therapeutic range. But Piramal’s move to sell to Abbot that left him with <a href="https://www.forbes.com/sites/naazneenkarmali/2014/04/17/in-a-dealmaking-spree-indian-billionaire-ajay-piramal-places-333-million-bet-on-financial-services/#2f6f7c695c7d">$1.6 billion of personal wealth</a>, was also not his career best masterstroke. That distinction is reserved to investment and exit in Vodafone India within <a href="https://www.forbes.com/sites/naazneenkarmali/2014/04/17/in-a-dealmaking-spree-indian-billionaire-ajay-piramal-places-333-million-bet-on-financial-services/#2f6f7c695c7d">two years that left </a>him with around $500 million gain with over 50% returns! He was one of the few people who would ever gain from Vodafone India, which later got mired in multiple controversies and has been struggling to survive in the recent past. It is this knack to sense opportunities quickly and clinch deals at the right time has earned him an interesting title - the <a href="https://www.business-standard.com/article/companies/is-ajay-piramal-the-warren-buffett-of-india-114041501418_1.html">Warren Buffet of India</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/get-inspired-by-prashant-chandrasekar-the-ceo-of-us-based-stack-overflow-at-global-trends-festival-2020/articleshow/78033494.cms" data-type="tilCustomLink">Get inspired by the Bengaluru boy who is now the CEO of US-based Stack Overflow at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/meet-vani-kola-managing-director-kalaari-capital-the-unicorn-hunter-at-global-trends-festival-2020/articleshow/77999658.cms" data-type="tilCustomLink">Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020</a>

Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020

<ul><li>While the talks of a <keyword id="3848715" type="PERSON" weightage="20" keywordseo="Super-app">super app</keyword> have resurfaced with Facebook’s investment in Reliance Jio, a few argue that <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> has already built <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> as a super app. </li><li>Paytm which started off as a digital wallet has today evolved into a financial services company.</li><li>But VSS has yet another super app up his sleeve– PayPay in Japan.</li></ul>In February 2020, Vijay Shekhar Sharma spoke about Paytm’s presence across sectors. “I’m on my 50th vertical,” he declared with a laugh. And all this as a part of one app. But on a serious note, Sharma said that he wants to give customers a ‘complete experience’. “Customers on our app should complete as much as their day’s tasks,” he told Business Insider. While the talks of a super app have resurfaced with Facebook’s investment in Reliance Jio, a few could argue that Sharma had built Paytm as a super app. The All-in-One app Paytm which started off as a digital wallet has today evolved into a financial services enabler. Paytm offers payments, utility payments, ticketing, entertainment, commerce all in one app. “We are already delving in content and that should be up in a year,” he had said. Recently, Paytm also announced that it was entering the restaurant business with a contactless dining option for the post-covid world. Users can scan the menu through the app, place orders and pay the bill through the app and maintain social distancing. Paytm’s parent company One97 communications has an e-commerce vertical Paytm Mall; gaming through Paytm First Games; mutual funds through Paytm Money; entertainment through Paytm Insider; insurance operations via Paytm Insurance Broking, and a bank through Paytm Payments Bank. “One97 communications as a whole registers 700-800 million transactions,” a source told Business Insider. In 2019, Paytm’s former Senior VP Deepak Abbot had said in an <a href="https://brandequity.economictimes.indiatimes.com/news/digital/paytm-over-200-services-make-the-brand-indias-only-super-app/69856263">interview</a>, “We have created Paytm as a super app that encompasses all their daily payment needs instantly.” While it may be said that super apps don’t work in India, Paytm has been evolving into one, by expanding its variety of offerings. Currently, Paytm is India’s most valued startup at $16 billion. Post-demonetization, Paytm saw a big boost not just in its transactions but also in valuation. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/1877153" data-url="https://flo.uri.sh/visualisation/1877153/embed"></div>]]></cdata></div> VSS has two superapps in his pocket And, it’s not just Paytm in India. In Japan too, Sharma built a digital payments company PayPay in association with SoftBank and Yahoo in 2018 Through this collaboration, Yahoo Japan suspended its own wallet giving PayPay direct access to all its Yahoo wallet consumers. Within 10 months of its operations, PayPay netted 10 million subscribers and currently has over 24 million. According to SoftBank, PayPay processes over 100 million transactions in a month. In its quarterly earnings presentation ending in December 2019 SoftBank said that PayPay is evolving into a super app. It said that the app was evolving from being a payment tool to a marketing app and that through the app one can even book taxis now. “Completed service link with DiDi taxi. Plan to collaborate with other taxi companies,” said the SoftBank presentation. See Also: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-shares-are-rising-ahead-of-earnings-because-every-two-out-of-five-rupees-in-revenue-come-from-telecom/articleshow/75445808.cms">Tech Mahindra shares are rising ahead of earnings because every two out of five rupees in revenue come from telecom⁠</a> <a href="https://www.businessinsider.in/tech/apps/news/mukesh-ambani-wants-to-be-alibaba-with-reliance-jio-super-app-and-investment-from-facebook/articleshow/75343540.cms">To be India’s Alibaba, Mukesh Ambani wants a super app with Facebook⁠— but an all-in-one app is not known to work so far</a>

Vijay Shekhar Sharma is much closer to a super app than Mukesh Ambani or Mark Zuckerberg

Everything comes at a price even cricket players. Indian Premier League (IPL) season kicked-off amid glitzy ceremony and eight teams will be contesting with each other to win the coveted trophy. 
 
Preparations for the IPL extravaganza had begun long time back with auction of cricketers from India and across the world (minus Pakistan). 
 Owners of the eight teams- Delhi Daredevils, <keyword id="13880" type="COMPANY" weightage="20" keywordseo="Mumbai-Indians">Mumbai Indians</keyword>, Kings XI Punjab, <keyword id="1494441" type="PERSON" weightage="20" keywordseo="Sunrisers-Hyderabad">Sunrisers Hyderabad</keyword>, <keyword id="6354467" type="PERSON" weightage="20" keywordseo="Kolkata-Knight-Riders">Kolkata Knight Riders</keyword>, Royal Challengers Bangalore, Rising Pune Supergiants and Gujarat Lions- retained and even poached players from other teams by bidding a higher amount. 
 
The bidding process threw many surprises as players like Nathu Singh were netted for Rs 3.2 crore. Even M Ashwin was auctioned for Rs 4.5 crore from previous Rs 10 lakh. 
 
Here is a complete list of players who were auctioned for crore of rupees, taking the whole cricket festival a notch higher 
 
 
 
Shane Watson- Rs 9.50 crore 
 
Kane Richardson-Rs 2 crore 
 
Stuart Binny-Rs 2 crore 
 
Jaydev Unadkat- Rs 1.60 crore 
 
John Hastings-Rs 1.30 crore 
 
Mohit Sharma-Rs 6.50 crore 
 
Kyle Abbot- Rs 2.10 crore 
 
Pawan Negi-Rs 8.50 crore 
 
Chris Morris-Rs 7 crore 
 
Carlos Brathwaite- Rs 4.20 crore 
 
Sanju Samson- Rs 4.20 crore 
 
Karun Nair- Rs 4 crore 
 
Rishabh Pant- Rs 1.90 crore 
 
Jos Buttler- Rs 3.80 crore 
 
Nathu Singh- Rs 3.20 crore 
 
Tim Southee- Rs 2.50 crore 
 
Krunal Pandya- Rs 2 crore 
 
Kishore Kamath- Rs 1.40 crore 
 
Yuvraj Singh- Rs 7 crore 
 
Ashish Nehra- Rs 5.50 crore 
 
Deepak Hooda- Rs 4.20 crore 
 
Barinder Sran- Rs 1.20 crore 
 
Aditya Tare- Rs 1.20 crore 
 
Mitchell Marsh- Rs 4.80 crore 
 
Murugan Ashwin- Rs 4.50 crore 
 
Ishant Sharma-Rs 3.80 crore 
 
Kevin Pietersen- Rs 3.50 crore 
 
Irfan Pathan- Rs 1 crore 
 
Thisara Perera-Rs 1 crore 
 
Aaron Finch- Rs 1 crore 
 
Praveen Kumar- Rs 3.50 crore 
 
Dwayne Smith- Rs 2.30 crore 
 
Dale Steyn- Rs 2.30 crore 
 
Dinesh Karthik- Rs 2.30 crore 
 
Dhawal Kulkarni- Rs 2 crore 
 
Eklavya Dwivedi- Rs 1 crore 
 
(Images: Indiatimes)

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Paytm is having a gala time as transactions cross 25 mn, thanks to demonetisation

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