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Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. <br /><br /> The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. <br /><br /> He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. <br /><br /> Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. <br /><br /> Broadly, fintech refers to entities utilising technologies for providing financial services. <br /><br /> Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. <br /><br /> It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. <br /><br /> In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. <br /><br /> Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. <br /><br /> He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. <br /><br /> "Today, people can see the benefits of aligning with the formal banking system," he said. <br /><br /> Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. <br /><br /> "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. <br /><br /> Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. <br /><br /> He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. <br /><br /> "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. <br /><br /> About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

Mumbai, Fintech players should form <keyword id="18684976" type="General" weightage="50" keywordseo="a-self-regulatory-organisation" source="Orion">a self regulatory organisation</keyword> for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said on Wednesday. Addressing the industry at the <keyword id="9621521" type="General" weightage="50" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns. <br /><br /> "I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process. <br /><br /> The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event. <br /><br /> Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns. <br /><br /> He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders. <br /><br /> Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements. <br /><br /> Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity. <br /><br /> "... to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added. <br /><br /> He said that good governance will be key to durable and long term success of any company and in particular, the fintech players. <br /><br /> Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner. <br /><br /> "Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said. <br /><br /> While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector". <br /><br /> Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front. <br /><br /> The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023. <br /><br /> RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said. <br /><br /> Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest. <br /><br /> "We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray," he told PTI.

RBI Governor asks fintech players to form self regulatory organisation

Mumbai, Markets regulator Sebi is building an artificial intelligence tool to help detect misselling by mutual funds, its <keyword id="15070191" type="General" weightage="50" keywordseo="chairperson-madhabi-puri-buch" source="Orion">Chairperson Madhabi Puri Buch</keyword> said on Tuesday. She cited a recent incident of a 90-year-old being sold a product with a seven-year lock-in period to illustrate an instance of misselling, and said algorithms will help flag such cases. <br /><br /> "We are working on the question of misselling that may happen by a mutual fund distributor or an agent or by someone who is the responsibility of the mutual fund," Buch said while speaking at the fourth <keyword id="9621521" type="General" weightage="20" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here. <br /><br /> She admitted that this is a very complex problem requiring intelligence, and added that the algorithm being built will have the essential tools to detect misselling like flagging the case of a 90-year-old being sold the product with a long lock-in period. <br /><br /> At present, mutual funds submit essential data to Sebi periodically with respect to compliance with regulations. A "nil report" is considered the best, Buch said. <br /><br /> At the same time, Buch said there may be misselling that may go unnoticed in the rule-based supervision and those same will be detected with the AI tool. <br /><br /> "As we move to using AI to analyse the data, we hope that we will also find the ability to monitor these things (misselling) in the interest of the investors," she said. <br /><br /> Meanwhile, Buch said the regulator is also keen to introduce fractional ownership of shares but the current legal set up does not allow it. <br /><br /> "Somebody came with that (idea) and we thought it was good... we would have wanted to welcome them into the innovation sandbox but it is not permitted in the <keyword id="4625796" type="General" weightage="20" keywordseo="sebi-act" source="Orion">Sebi Act</keyword> itself. <br /><br /> "It cannot be done until we change the Act -- not just the Sebi Act, but also the Companies Act," she said.

Sebi working on AI tool to curb misselling by mutual funds: Buch

Digital payments giant <keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword>, which pioneered <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s QR code revolution, appears to have gained a loyal user base with its smooth and convenient <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> experience. Its innovative use of technology has made UPI transactions more efficient and accessible for users, solidifying its position as a leader in the industry.<br /><br /><div type="twitter" handle="hello_nicks" handlename="Nitish Bhardwaj" image="http://pbs.twimg.com/profile_images/1580645902435651586/jFtxj0di_normal.jpg" favoritecount="450" retweetcount="27" status="Once you use Paytm for UPI, you will never go back to any other UPI platforms like Gpay and phone pe etc." createdat="1672383102000" id="1608717448550944768"></div><br />A recent tweet by a Twitter user sums up the experience of using <keyword id="6076084" type="General" weightage="50" keywordseo="paytm-upi" source="Orion">Paytm UPI</keyword>. “Once you use Paytm for UPI, you will never go back to any other UPI platforms like Gpay and Phone pe etc.,” <keyword id="740929" type="General" weightage="50" keywordseo="nitish-bhardwaj" source="Orion">Nitish Bhardwaj</keyword> tweeted. <br /><br /><div type="twitter" handle="Mystic_Shubh" handlename="Shubh" image="http://pbs.twimg.com/profile_images/1607030261627383810/zWZ061MR_normal.jpg" favoritecount="0" retweetcount="0" status="Indeed.. Paytm linked with Paytm Payments Bank. The best UPI experience ever. https://t.co/dskI6I9bf4" createdat="1672418402000" id="1608865504378376192"></div><br />With its user-friendly interface and wide range of features, Paytm stands out among these platforms. Paytm UPI has gained the preference of millions of users, earning it the award for Best UPI app at the recent Global Fintech Fest. Paytm's widespread presence, too, can be seen throughout India, from small tea stalls on the side of the road to trendy stores in high-end malls. <br /><br /><div type="twitter" handle="iamsparwal" handlename="Sʌʋʀʌɓʜ Pʌʀwʌɭ" image="http://pbs.twimg.com/profile_images/1312423589514104833/I9tgmhZG_normal.jpg" favoritecount="1" retweetcount="0" status="@vijayshekhar My go to app for any sort of payments.Best UPI app.#paytm#bestUPIapp#PaytmRecap2022 #paytmrecap… https://t.co/IxnHZxqaW5" createdat="1672207305000" id="1607980098770333699"></div><br />While UPI is available on many apps, not all are created equal. Paytm adds extra functionality, ease of use, and security to its UPI service, making it a top choice. Users on the Paytm app can also make UPI payments to mobile numbers across all UPI payment apps, even if the recipient is not registered with Paytm. In today's India, it is hard to go shopping without encountering a Paytm UPI QR code at the payment counter.<br /><br /><div type="twitter" handle="deepakshenoy" handlename="Deepak Shenoy" image="http://pbs.twimg.com/profile_images/1035170458230960128/0-OUkuEr_normal.jpg" favoritecount="182" retweetcount="13" status="I agree, @paytm is simply the best upi implementation out there. https://t.co/7znZlLgb57" createdat="1612756687000" id="1358626136834494467"></div><br />In addition to its convenience, Paytm boasts the highest transaction success rates, even in areas with slow data speeds. It is also a safe UPI app, with all payments secured by two-factor authentication: the Paytm login and password, as well as a secure UPI PIN chosen by the user. Paytm even allows users to utilize their smartphone's security features, such as fingerprint or facial recognition, to further secure the app.<br /><br /><div type="twitter" handle="b50" handlename="Anupam Gupta" image="http://pbs.twimg.com/profile_images/1592336942481358848/_0AcmaOx_normal.jpg" favoritecount="262" retweetcount="10" status="This. I've switched from G Pay to @Paytm and I'm finding it much better. https://t.co/h6MfIXDhuM" createdat="1612586763000" id="1357913422520676358"></div><br />Paytm Payments Bank, which powers Paytm UPI, continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank, PPBL has registered over 1,618 million transactions and as a remitter bank, it has registered more than 364 million transactions in December 2022. <br /><br />It is no wonder that, as the tweet suggests, once you use Paytm for UPI, you will never go back to any other UPI platform. Its reliability and pioneership in digital payments make it the best choice for UPI in India.<br /><br /><strong><em>Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in</em></strong><br />

Paytm pioneers India's best UPI experience - from small tea stalls to trendy high-end stores

Mumbai, Mar 25 () The Events and Entertainment Management Association has sent out an SOS signal to the government seeking urgent intervention as the industry that employs 60 million people has comes to a standstill following the national lockdown.<p> The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the Covid-19 pandemic.</p><p> Losses for the first two months are already over Rs 3,000 crore, the association said.</p><p> "Since the outbreak of the Covid-19 pandemic, the impact to their business has been unprecedented with multiple global and national events having been postponed or simply cancelled.</p><p> "The adverse impact of this crisis on the events and experiential industry is expected to last for months while the impact in the first two months alone is pegged at over Rs 3,000-5,000 crore, at a minimum, as projected in a survey of 100 units in the sector," the association said.</p><p> The pandemic has led to cancellations of conferences, both public and private, national/international meetings, incentives, conferencing, exhibitions (MICE) events, choking the lifeline of the industry.</p><p> Besides the 10 million it employs directly, the events and entertainment industry indirectly provides jobs to another 50 million through allied sectors like food and beverages, hospitality, tourism, advertising and marketing industry.</p><p> Sanjoy Roy, the founder and managing director of Teamwork Arts, and an official of the association, said the pandemic has slammed the brakes on our industry impacting the livelihood of millions. The industry is unable to pay the staff salaries, taxes, banks.</p><p> "The situation is extraordinary and unless the government takes quick actions and support the industry, as much as 60 million people will be impacted," he said.</p><p> Some of the major big-ticket events cancelled include the 13th edition of the IPL, the 21st edition of the IIFA, the India Gaming Expo, the India Fashion Week, Goa Fest, PU Tech, ITB-India, India Fintech Festival, Ultra Festival, India-South Africa cricket matches, India Today Conclave, the Meta Theatre awards, among others, Roy said.</p> The events and entertainment management industry has been growing at a compounded rate of 14 per cent annually. Of this live entertainment and sports events have been the sunrise segment, and was expected projected to become a Rs 20,000 crore industry by 2025, according to a recent EY report.  BEN  ANSANS

Events, entertainment industry says Covid-19 hit 60 mln livelihoods; seeks urgent govt help

<ul><li>Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>.</li><li>Part of the sell-off in <keyword id="4326962" type="General" weightage="20" keywordseo="paytm-shares" source="Orion">Paytm shares</keyword> could also be a reflection of the market mood.</li><li>But, there is a lot more that the street is worried about.</li><li>Founder <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> wants the market to be excited about Paytm as a superapp but many others have argued that a smartphone itself is a super app.</li><li>Check out the latest news and updates on<a href="https://www.businessinsider.in/stock-market"> Business Insider</a>.</li></ul>Two of India’s most-awaited tech IPOs, that of Zomato and Paytm, came with a lot of anxiety around the price at which the shares were being sold to the first lot of public investors. Zomato still made some money for those who got the shares in the initial public offering (IPO) but those who got shares in the Paytm IPO have lost 27% on the opening day. <br /><br />By noon, Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant Paytm. The overall market mood played a role in pushing down Paytm’s share price, Deven Choksey, managing director of KR Choksey Shares and Securities, told Business Insider. The sell-off seen earlier in the week intensified on Thursday (the day of Paytm’s market Debut) and 42 out of the Nifty 50 stocks were in the red. But that’s not the only reason why people sold Paytm shares. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Company<br /><br /></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;">Valuation pre-IPO<br /><br /></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;">Valution sought in IPO</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;">Market cap, as on November 18<br /><br /></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;">Zomato<br /><br /></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;">$5.8 billion<br /><br /></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;">$8.1 billion</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;">₹1,21,731 crore ($16.3 billion)<br /><br /></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;">Paytm<br /><br /></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;">$16 billion<br /><br /></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;">$19.9 billion</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;">₹1,01,399 crore ($13.6 billion)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Companies, BSE<br /><br />It’s not that Paytm's advisors didn't see it coming. According to a Bloomberg report <a href="https://www.businessinsider.in/business/news/paytm-may-drop-its-pre-ipo-sale-as-advisors-recommend-lower-valuation/articleshow/87187525.cms">published in October</a>, Paytm was advised to go for a lower valuation than $20 billion in its pre-IPO round but the company decided to skip the round altogether. Even stock brokerage firm Macquarie had given Paytm a with an underperform rating, and projected that the stock may fall to as much as ₹1,200 (compared to an issue price of ₹2,150) any time in the next one year .<br /><br />Interestingly, Paytm was the highest valued Indian startup between 2019 to me this year. The company got a valuation of $19.9 billion in its public issue. The only smile that Paytm believers could steal was thanks to the meme fest on Twitter.<br /><br />                          <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778007" hostid="261"></div><br />The drop in Paytm’s share price led to a fall of the stock market. “Today’s fall in the market is also largely due to collateral damage, Paytm loss to investors,” Deven Choksey, managing director of KRChoksey Shares and Securities said.<br /><br />Manoj Dalmia, founder and director of Proficient Equities Private Limited also highlighted three reasons behind Paytm’s weak listing on the stock exchange. The issue ranges from high valuation to intense competition.<br /><br />These are some of the issues pointed out by Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar<br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></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;">Issue<br /><br /></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;">Reason<br /><br /></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;">Overvaluation <br /><br /></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;">The company is overvalued at a Price to Sales (P/S) value of 26 compared to its global peers, who have a P/S of 0.3-0.5<br /><br /></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;">Limited promoters in India<br /><br /></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;">Nearly 75% of the promoters of Paytm are from other countries and are selling shares worth ₹10,000 crore, which is more than 50% of the issue.<br /><br /></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;">Not a market leader<br /><br /></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;">Paytm is not a market leader in any business it operates in.<br /><br /></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;">Analyst rating<br /><br /></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;">Falling grey market premium and Macquarie's downrating has pushed the stock into a downward momentum. <br /><br /></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;">Lack of focused business model<br /><br /></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;">It is present in all over the Fintech space but not doing well in any of them while the competition is rising from players like Google, Amazon, PhonePe. <br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Dalmia is not alone in his pessimism around Paytm’s near-term prospects. “Dabbling in multiple business lines inhibits PayTM from being a category leader in any business except wallets, which are becoming inconsequential with the meteoric rise in UPI payments. Competition and regulation will drive down unit economics and/or growth prospects in the medium term in our view,” Macquarie Research analysts Suresh Ganapathy and Param Subramanian said. <br /><br /><strong>ALSO WATCH: Even the biggest of conglomerates find it difficult to do more than two things right, market expert Saurabh Mukherjea told Business Insider. <br /></strong><br />                            <div type="Youtube" id="kSf5f3gXjKg" title="A ₹3,000-crore fund manager explains why he won&amp;#39;t buy RIL, why he sold ITC and bought HDFC Life" thumbUrl="https://i.ytimg.com/vi/kSf5f3gXjKg/mqdefault.jpg"></div><br />Paytm is one of the biggest digital payments companies in India with offerings across several digital modes of payments like unified payments interface (UPI), credit and debit cards payments. It also offers wealth management solutions through Paytm Money and banking services through Paytm Payments Banks.The company has 333 million total customers, 114 million annual transacting users and 21 million registered merchants. <br /><br />Paytm has a strong market share in digital payments via the unified payments interface (UPI) but the margin is zero in peer-to-peer payments and wafer thin when merchants get paid. <br /><br />In the personal finance space ⁠— where Paytm sells mutual funds, gold and stocks ⁠— it has a less than 1% market share and makes zero commission, according to Macquarie. In insurance, only one out of 100 policies are sold online and Paytm is pitted against an early bird like Policybazaar as well as legacy banks, which dominate the space.<br /><br />Paytm aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie, which pegged the potential market for buy now, pay later schemes to be anywhere between $45 billion and $50 billion by March 2026.<br /><br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778072" hostid="261"></div><br />Despite a massive user base, the company’s revenue has been marginally declining on a year-on-year (YoY) basis. The company reported a revenue of ₹3,186 crore, with net loss of ₹1,761 crore. “Loss-making businesses will find it hard to sustain premium valuations,” Choksey added.<br /><br />Ravi Singh, head of research and vice president at ShareIndia, noted that Paytm’s future growth is a key to watch for long term investors. “We advise the investors after looking at the overall valuations and earlier losses of Paytm, to book their positions and wait for 1700-1600 levels for fresh investment. Retail investors may remain cautious as the overall market is in profit booking zone pushing maximum stocks in downside territory,” he added. <br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778081" hostid="261"></div><br />“People ask me how do you raise money at such a high price? I say, I don’t raise money on a price but I raise money on a purpose,” founder and chief executive officer Vijay Shekhar Sharma. He wanted India to be as excited about his dream of a super app for anything that can be bought and sold online. <br /><br />But many others have argued that a smartphone itself is a super app. Another startup founder Kavin Mittal, the man behind the $1.4 billion Hike Messenger, had similar ambitions but found it to be a misguided goal and dropped the plan in January 2021. <br /><br />Will Sharma prove his detractors wrong with Paytm? Only time will tell. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms" data-type="tilCustomLink">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms">Paytm is likely to list below IPO price and experts advice serious investors to wait a while before buying</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/itc-reportedly-plans-to-spin-out-it-business-itc-infotech/articleshow/87758056.cms">ITC has a ₹2,500 crore IT business hiding in plain sight and that makes the street go Yippee!</a><br />

Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp

<p>Hello again, and welcome to this week's edition of Trending, the newsletter where we highlight BI Prime's biggest tech stories. I'm Alexei Oreskovic, Business Insider's West Coast bureau chief and global tech editor.</p><p>If you're a regular reader or a first-timer,<a href="http://newsletter.businessinsider.com/join/4np/trending"> you can get Trending in your inbox every week by signing up here</a>.</p><h3>This week: The turbulence of the COVID crisis and what comes after</h3><p>There have been canceled conferences and earnings warnings. But for Silicon Valley, the reality of the coronavirus wasn't truly accepted until last week when Sequoia Capital published its <a href="https://www.businessinsider.com/sequoia-capital-coronavirus-memo-to-founders-2020-3">now-famous Black Swan memo. </a></p><p>Like the VC firm's dire<a href="https://www.businessinsider.com/sequoia-capital-rip-good-times-presentation-2020-3">"RIP Good Times" presentation to startups 12 years ago</a> - which Sequoia delivered after the financial crisis had already toppled Bear Stearns and Lehman Brothers - Sequoia's words are less a leading indicator of trouble than a confirmation to techies that they won't be immune. </p><p>And the last few days have provided plenty of sobering examples of the virus' toll on tech. South Park Cafe, a favorite of the venture capital crowd in San Francisco that's owned by fintech startup Brex, is <a href="https://www.businessinsider.com/brex-south-park-cafe-closed-employee-tests-positive-for-coronavirus-2020-3">now indefinitely closed</a> after a staffer tested positive for COVID-19. Salesforce mentioned <a href="https://www.businessinsider.com/salesforce-filing-impact-coronavirus-marc-benioff-2020-3">the coronavirus 10 times in its 10-K annual report </a>released on Thursday. And Y Combinator said its <a href="https://www.businessinsider.com/y-combinator-virtual-demo-day-growing-coronavirus-fears-san-francisco-2020-3">iconic Demo Day startup pitch fest will be pre-recorded</a>.</p><p>If you look beyond the day-to-day impact on the stock market and the conference circuit, you might glimpse some of the deeper, potentially more significant consequences of this crisis. </p><p>Take the petro-feud between Russia and Saudi Arabia. As the Saudi Kingdom girds for the economic fallout of a price war, will the appetite for risky tech investments evaporate, cutting off a source of capital that startups like Uber and SoftBank Vision Fund's collection of companies have taken for granted?</p><p>Similarly, could the Chinese government's draconian-but-perhaps-effective tactics combating the virus alter the contours of the privacy battles that have pitted companies like Apple against law enforcement authorities in the US?</p><p>Or could coronavirus change the debate around universal healthcare, and in turn, the economics of gig economy businesses?</p><p>It's impossible to predict, of course. </p><p>But the Silicon Valley that emerges on the other side of this outbreak may look very different from today's Silicon Valley - and not just because some tech startups have layoffs or go out of business, or because more people are using Zoom to make video calls.</p><p>Automation, computer vision, and AI are getting more powerful every day. The barriers to adoption for some iterations of the tech are as much about societal norms as they are about technical capability. In a post-pandemic-world, for better or for worse, that may no longer be the case. </p><h3>Read some of BI's coverage here:</h3><h3><a href="https://www.businessinsider.com/brex-south-park-cafe-closed-employee-tests-positive-for-coronavirus-2020-3">The cafe owned by $2.6 billion startup Brex has closed 'until further notice' after a worker tested positive for COVID-19</a></h3><h3><a href="https://www.businessinsider.com/sequoia-capital-rip-good-times-presentation-2020-3">Sequoia's coronavirus memo is eerily similar to another warning the VC firm gave to startup founders in 2008. Here's the full 'R.I.P. Good Times' deck.</a></h3><h3>Born in a downturn</h3><p>Taking a longterm view is easy from the comfort of an armchair, but for startups living through the uncertainty and volatility right now, these are scary days. </p><p>Benjamin Pimentel's <a href="https://www.businessinsider.com/nutanix-ceo-coronavirus-great-recession-downturn-2020-3">story about cloud software company Nutanix is a good reminder</a> that an economic downturn is not necessarily the kiss of death for a fledgling business.</p><p>Nutanix launched in 2009 in the midst of the Great Recession. What's more, the first version of the company name, Nutanic, sounded a little too much like Titanic. The company was able to fix the inauspicious name with a simple word swap. Surviving the recession was trickier. But as CEO Dheeraj Pandey recounted to Ben, a "stoic endurance" and confidence in a smart idea centered around the shift to cloud computing saw the startup through the choppy business waters and to an eventual public listing. </p><p>As the spread of the coronavirus spooks Wall Street - including Nutanix's investors who sold shares off after a downbeat financial outlook - a little stoic endurance can do wonders.</p><h3>Read Ben's full story here:</h3><h3><a href="https://www.businessinsider.com/nutanix-ceo-coronavirus-great-recession-downturn-2020-3">$3.4 billion cloud company Nutanix was founded in the midst of the Great Recession. Here's how its CEO plans to steer it through another crisis as coronavirus takes its toll on its business.</a></h3><h3>Salesforce's revolving door and its rising stars</h3><p>Salesforce has experienced some turnover in its upper ranks of late. Keith Block, the company's co-CEO, announced his surprise departure in February. And as Paayal Zaveri was first to report on Friday, Gregg Schott, an EVP who joined Salesforce with the <a href="https://www.businessinsider.com/former-mulesoft-ceo-greg-schott-leaving-salesforce-2020-3">$6.5 billion acquisition of MuleSoft two years ago, is headed for the exits.</a></p><p>So what does the roster at Team Salesforce look like now?</p><p>Paayal's <a href="https://www.businessinsider.com/rising-stars-executives-salesforce-tableau-marc-benioff-2020-3">look at the cloud giant's rising stars is an invaluable peek at who's who in Marc Benioff's $143 billion company</a>. Some of these execs are Salesforce veterans, others are more recent additions. As the company hopes to double its revenue in the next few years, these are the people who will make or break that plan.</p><h3>Read Paayal's full story here:</h3><h3><a href="https://www.businessinsider.com/rising-stars-executives-salesforce-tableau-marc-benioff-2020-3">Meet the 21 rising stars at Salesforce who are playing key roles in helping CEO Marc Benioff grow the cloud computing powerhouse</a></h3><h3>Here are some of the latest tech highlights:</h3><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/amazon-ad-boss-now-ceo-jeff-bezos-direct-reports-2020-3">Amazon just added 3 new execs to CEO Jeff Bezos's team - Meet the 12 people directly reporting to him</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/deer-io-fbi-arrest-russia-cybercrime-hacker-2020-3">The FBI arrested the alleged hacker behind the 'Amazon.com of cybercrime,' which it says sold $17 million worth of stolen accounts for Gmail and other sites</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/bullpen-capitals-duncan-davidson-fake-tech-unicorns-are-in-trouble-2020-3">There are only 3 kinds of startups, according to this VC. Here's why getting them confused leads to disasters like WeWork, Casper and other famous IPO fails.</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/matt-mochary-silicon-valleys-ceo-coach-2020-3">Silicon Valley's CEO coach, who counsels both founders and VCs, warns that joining a company's board is the 'death of every great investor'</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/founders-fund-growth-fundraising-strategy-2020-3">The woman who has raised billions for Peter Thiel's investment funds over the last 15 years reveals her strategy for getting outside investors to write checks into Founders Fund's biggest fund yet</a></p><h3>And more good stories from across the BI newsroom:</h3><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/presentation-how-hospitals-are-preparing-for-us-coronavirus-outbreak-2020-3">A leaked presentation reveals the document US hospitals are using to prepare for a major coronavirus outbreak. It estimates 96 million US coronavirus cases and 480,000 deaths.</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/behavox-ceo-explains-backing-from-softbanks-vision-fund-2-2020-3">'Why the hell do you need $100 million?': The CEO of startup Behavox says SoftBank handed him way more funding than he was looking for and told him he'll never have to worry about money</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/inside-jpmorgan-after-jamie-dimons-emergency-heart-surgery-2020-3">JPMorgan insiders told us exactly what happened during the first 48 hours after CEO Jamie Dimon rushed to the hospital</a></p><p style="padding-left: 40px;"><a href="https://www.businessinsider.com/stocks-to-buy-recommendations-post-coronavirus-crash-rally-jim-rogers-2020-3">Jim Rogers, the famed investor who earned a 4,200% return with George Soros, told us the best 2 assets to buy for profits after a 'total collapse' in markets</a></p><p>Thanks for reading, and remember, if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>.</p><p>- Alexei</p>

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