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In a block deal, 3.4 per cent equity (or 2.1 crore shares) of <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword>'s parent company One97 <keyword id="4584578" type="General" weightage="50" keywordseo="communications-ltd" source="Orion">Communications Ltd</keyword> (OCL) changed hands on Friday. Sources in the know of the development say that Chinese multinational Alibaba has sold its entire stake in Paytm in today's block deal. With this sale, Alibaba is no longer a stakeholder in Paytm. The company had sold around 3.1 per cent of 6.26 per cent equity in Paytm in January. This latest deal almost completes Alibaba's exit from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> since it had earlier sold its stakes in <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="964794" type="General" weightage="20" keywordseo="bigbasket" source="Orion">BigBasket</keyword>. The news will bring cheer to the market as it ends the Chinese stakeholding in the homegrown Paytm. Paytm's shares have been rallying in the last few days since it announced operating profitability in its Q3FY23 results with EBITDA before ESOP cost at Rs 31 crore, significantly ahead of its guidance of September 2023. The fintech giant revenue from operations increased to Rs 2,062 crore (no <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> incentive recorded this quarter), a growth of 42 per cent on a yearly basis. This was followed by Paytm's robust operating update of January 2023 that it filed with the stock exchange on February 8. The company has continued to witness sustained growth momentum in its key payments and lending business. Paytm strengthened its leadership in offline payments with the deployment of 6.1 million devices while its average MTU at 89 million registered a 29 per cent growth for the month of January 2023. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/what-is-formula-e-all-you-need-to-know-ahead-of-inaugural-race-in-india/articleshow/97795878.cms">What is Formula E? All you need to know ahead of inaugural race in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rrr-kgf-chapter-2-game-of-thrones-spider-man-no-way-home-among-most-pirated-content-in-india-in-2022/articleshow/97795322.cms">RRR, KGF Chapter 2, Game of Thrones &amp; Spider-Man: No Way Home among most-pirated content in India in 2022</a>

Chinese multinational Alibaba exits India, sells its entire stake in Paytm

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

<ul><li>The Reserve Bank of India barred <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> from taking on new customers last week.</li><li>A spokesperson of One 97 Communications, the parent entity of digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, has denied the allegations.</li><li>Paytm Payments Bank is a joint venture between Paytm and its founder Vijay Shekhar Sharma.</li></ul>The Reserve Bank of India <a href="https://www.businessinsider.in/business/news/rbi-stops-paytm-payments-bank-from-opening-new-accounts/articleshow/90156814.cms">barred </a>Paytm Payments Bank from taking on new customers last week because it allowed its data to flow to servers that were sharing information with China-based entities, Bloomberg reported on Monday. “Annual inspections by the Reserve Bank of India [RBI] found that the company’s servers were sharing information with China-based entities that indirectly own a stake in Paytm Payments Bank,” the report <a href="https://www.bloomberg.com/news/articles/2022-03-14/india-said-to-punish-paytm-bank-for-data-leaks-to-chinese-firms">noted </a>citing sources. A spokesperson of One 97 Communications, the parent entity of digital payments giant Paytm, has denied the allegations. The spokesperson has claimed that the report is “completely false” and “simple [sic] sensationalising”. “Paytm Payments Bank is proud to be a completely homegrown bank and is fully compliant with RBI’s directions on data localisation. All of the Bank’s data resides within the country. We are true believers of the Digital India initiative, and remain committed to driving financial inclusion in the country,” the spokesperson added. Paytm Payments Bank is a joint venture between Paytm and its founder Vijay Shekhar Sharma. It is important to note that Paytm Payments Bank is not included under the public offering of One 97 Communications, instead it is an associate entity. Paytm Payments Bank is the backbone behind several Paytm offerings including insurance, digital payments and lending. The company’s shares dipped over 12% on Monday, reaching an <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms">all time low of ₹680</a>. The company is currently sitting on a market cap of ₹43,798 crore ($5.7 billion), which is nearly four times less than the $19.9 billion market cap the company was accorded during its initial public offering (IPO). The central bank had banned Paytm from onboarding new customers after noticing certain “material supervisory concerns”. RBI has directed Paytm Payments Bank to appoint an information technology (IT) audit firm to conduct a comprehensive system audit of its IT system. It is important to note that Global investment bank Macquarie had slashed <a href="https://www.businessinsider.in/stock-market/news/macquarie-slashes-paytms-target-price-to-700-goldman-sachs-upgrades-it/articleshow/89401105.cms">Paytm’s target price to ₹700</a>, from previous ₹1,200 in November 2021 and ₹900 in January 2022, in February this year. SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/four-years-later-sachin-bansal-is-still-battling-eight-lawsuits-from-his-flipkart-days/articleshow/90202495.cms" data-type="tilCustomLink" style="text-decoration-line: line-through;">Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days</a> <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink" style="">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink" style="">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a>

Paytm Payments Bank denies report claiming it leaked data to Chinese firms

<ul><li><keyword id="149865" type="PERSON" weightage="20" keywordseo="Chinese-hackers">Chinese hackers</keyword> are increasingly targeting Indian <keyword id="4112095" type="PERSON" weightage="20" keywordseo="Unicorn-Startups">unicorn startups</keyword> like Swiggy, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, Ola and Byju’s to steal sensitive information. </li><li>The motivation is no longer to cause harm to their reputation but to get away with as much user insight as possible without causing too much noise. </li><li>“They are hunting those companies because they have a lot of data,” Kumar Ritesh, the CEO of Singapore-based cybersecurity firm Cyfirma told Business Insider in an interview. </li></ul>Hackers usually follow the money but now they have now set their sights on a new pot of gold at the end of the rainbow — data. And, their newest targets are unicorn startups in India. <div type="Article" hostid="261" msid="76528261" title="Top 20 Indian organisations under threat of attack from Chinese hackers to “teach India a lesson” amid border tension" mstype="2" mssubtype="0"></div> The geopolitical tensions between India and China have led to a surge in cybercriminals trying to infiltrate companies like Swiggy, Paytm, Ola, Byju’s and OYO among others. Singapore-based cybersecurity company Cyfirma has a new platform called DeCYFIR which can spot threats before an attack occurs by analysing conversations across the dark web and hacker forums. Traditionally, cybercriminals have honed in on telecom companies. Jio, in particular, is a crowd favourite. Right now, the names of <keyword id="982553" type="PERSON" weightage="20" keywordseo="Indian-startups">Indian startups</keyword> have started popping up in these hidden corners of the world wide web. And, the frequency only seems to be increasing. Data hungry hackers Cyberattacks on Indian firms by state-sponsored Chinese hackers were primarily driven by the idea of causing damage to the company’s reputation. However, over the last three months, it’s no longer about creating noise. Instead, it’s about getting behind the defensive walls of companies in order to exfiltrate personal, sensitive, and financial information. “A lot of young companies that started five to ten years ago and have grown to become unicorns — who do a lot of customer services, who collect personal information and financial information, and are supplying you with food, education or other things — and they [cybercriminals] are hunting those companies because they have a lot of data,” Kumar Ritesh, the CEO of Singapore-based cybersecurity firm Cyfirma told Business Insider in an interview. Unicorn startups, in particular, are powerhouses of data and intellectual property. Getting access to that data has a wider impact than just taking down their website. Ritesh cited the example of Chinese hackers stealing data from a popular Japanese cosmetics company. They were able to get away with the IP of the company's signature face cream. The cream soon resurfaced under a Chinese brand name — made using the same formula — undercutting the price of the Japanese company by 30%. The uncertainty around Huawei, the ban on Chinese apps in the Indian market along with the investment restrictions are pushing China out of the loop when it comes to data from Indian users. Ritesh believes that the uptake in attacks is not temporary and won’t die down after the coronavirus pandemic. New players are entering the field of cyber warfare, and the digital world is all set to get more combative. SEE ALSO: <a href="https://www.businessinsider.in/science/research/news/red-bricks-dont-just-make-walls-they-can-now-power-your-house-too/articleshow/77486542.cms">Walls can be power banks for houses as red bricks turn into energy-storing batteries</a> <a href="https://www.businessinsider.in/careers/news/it-and-media-employees-are-in-no-hurry-to-get-back-to-office-not-until-there-are-proper-policies-in-place/articleshow/77486082.cms">IT and media employees are in no hurry to get back to office — not until there are proper policies in place</a> <a href="https://www.businessinsider.in/defense/news/india-approves-another-1-2-billion-for-defence-over-and-above-the-5-5-billion-last-month/articleshow/77487432.cms">HAL's share price jumps 4% after India approves defence projects worth $1.2 billion</a>

After Jio, India's unicorn startups are the top target for Chinese hackers trying to get their hands on Indian users' data

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

<ul><li>Paytm's stocks saw a sharp downside movement after a block deal that took place where 259,930 shares were sold.</li><li>Sources have confirmed that Chinese group Alibaba is behind the block deal.</li><li>According to sources, Alibaba seems to be making an exit from India as it had sold shares in other investments as well </li></ul> Paytm's stocks on Thursday saw a sharp downside movement after a block deal that took place where 259,930 shares were sold. The shares were sold at Rs 535.90 worth Rs 13.93 crore. Sources have confirmed that Chinese group Alibaba is behind the block deal, thereby selling about 3.1 per cent of its total equity of about 6 per cent. With this block deal, Alibaba, the sources said, seems to be making an exit from India as it had sold shares in other investments such as BigBasket and Zomato. This is expected to bring cheers among investors. With Chinese shareholding reducing their stake, it will benefit the company in their Foreign Direct Investment (FDI) aspect. Paytm shares' intraday low was Rs 528.10. In fact, immediately after the block deal it soon recovered some part of the losses. Paytm's shares had been steadily rising for the past few days after there were several good news floating about the company. Its associate <keyword id="3236791" type="General" weightage="80" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> has received <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> approval to appoint <keyword id="5719896" type="General" weightage="80" keywordseo="surinder-chawla" source="Orion">Surinder Chawla</keyword> as its Managing Director and CEO. The company had posted a strong operating performance update for the October-December quarter. The Paytm Super App continued to see growing consumer engagement with the average Monthly Transacting User for the quarter that ended December 2022 at 85 million, registering a growth of 32 per cent on a yearly basis. The total merchant <keyword id="2185962" type="General" weightage="80" keywordseo="gross-merchandise-value" source="Orion">Gross Merchandise Value</keyword> processed through the platform for the quarter ended December 2022 aggregated to Rs 3.46 lakh crore (USD 42 billion), marking a year-on-year growth of 38 per cent. The number of loans grew 117 per cent yearly to 3.7 million for the month of December, and 137 per cent to 10.5 million cumulative loans for the three months ended December 2022. As a result, total disbursements for the three months ended December 2022 was Rs 9,958 crore, a growth of 357 per cent on year. Paytm believes it continues to be on track for its profitability plans, with robust revenue growth driven by its strong business model. Meanwhile, brokerage and global investment firm <keyword id="48670" type="General" weightage="80" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>, in a report, pegged Paytm's shares target price to be at Rs 695 going ahead as against Rs 579 at Wednesday's close. It essentially means there is an upside potential of about 20 per cent returns on investment for investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-will-be-key-beneficiary-of-indias-upi-incentive-scheme-morgan-stanley/articleshow/96933995.cms">Paytm will be key beneficiary of India's UPI incentive scheme: Morgan Stanley</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tcs-revenue-growth-to-slowdown-in-fy24-fitch-ratings/articleshow/96933754.cms">TCS revenue growth to slowdown in FY24: Fitch Ratings</a>

Alibaba exiting India? Paytm among other Alibaba-owned stocks seeing selloff

<ul><li>India’s Department for Promotion of Industry and Internal Trade (DPIIT) today in a meeting has told all e-commerce companies in India to show the <keyword id="1340631" type="PERSON" weightage="20" keywordseo="Country-of-Origin">country of origin</keyword> in their product listings. </li><li>DPIIT had called the meeting to discuss the information given to consumers at these e-commerce platforms.</li><li>India’s government e-marketplace had earlier introduced the ‘Make in India’ filter for sellers to show the country of origin for the products.</li></ul>A day after the government e-marketplace introduced the ‘Make in India’ filter for sellers to show the country of origin for the products, India’s Department for Promotion of Industry and Internal Trade (DPIIT) today in a meeting has told all e-commerce companies in India to show the country of origin in their product listings. DPIIT had called the meeting to discuss the information given to consumers at these e-commerce platforms. However, <a href="https://www.financialexpress.com/industry/sme/dpiit-mandates-display-of-country-of-origin-for-ecommerce-companies-like-amazon-flipkart-snapdeal-grofers/2002285/">the e-commerce leaders</a> have requested DPIIT to include sellers and traders in the meetings as they list the products on the platform. "We welcome and wholeheartedly support the government's decision to promote Make in India and Atmanirbhar Bharat. We are fully committed to promote India made products and the manufacturing sector in the country. We have already initiated discussions with our sellers, merchant partners on the next steps to drive this initiative further,” said a <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> spokesperson. The feature comes at a time when due to the Indo-China border clashes, there has been a call to dump Chinese products and people have been uninstalling Chinese apps as well. India’s government e-marketplace (GEM) had taken the same step to promote the Make in India initiative which got a further boost from Prime Minister Narendra Modi’s Atmanirbhar Bharat (self reliant India). “Sellers, who had already uploaded their products before the introduction of this new feature on GeM, are being reminded regularly to update the Country of Origin, with a warning that their products shall be removed from GeM if they fail to update the same,” says the official release of the government. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-radhakishan-damani-and-shiv-nadar-took-over-10-years-to-become-a-billionaire/slidelist/76547186.cms">Indians took 17 years on an average to make their first billion— and it has gotten a lot faster recently</a> <a href="https://www.businessinsider.in/business/news/the-13-billion-hinduja-brothers-the-richest-people-in-the-united-kingdom-are-fighting-with-each-other-over-letter-dispute/articleshow/76548920.cms">The $13 billion Hinduja brothers, the richest people in the United Kingdom, are fighting with each other over a letter dispute</a>

India tells Amazon, Flipkart, Paytm Mall and all others to show 'country of origin' next to the products

<ul><li><keyword id="3360525" type="PERSON" weightage="20" keywordseo="Alibaba-Cloud">Alibaba Cloud</keyword> is looking to expand its market in India and one-up its competitors.</li><li>It’s looking to do it in the most Chinese way possible, keeping its product flexible and cheap.</li><li>Although Alibaba Cloud in the process of wooing a few digital companies away from Amazon Web Services (AWS) — it’s now looking to get bigger companies on board.</li></ul>Alibaba Cloud is looking to expand its market in India. In a lot of ways, the company’s <keyword id="140601" type="COMPANY" weightage="20" keywordseo="database">database</keyword> management solutions aren’t all that different — but is already wooing away new-age digital companies like Zomato, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> from Amazon Web Services (AWS). Now, it is now looking to get bigger companies on board. The selling point for Alibaba Vice President Feifei Li is not very different from any other Chinese business ⁠— flexible and cheap. "Both (AWS Aurora and Polar DB) use shared storage architecture, which can serve up to 100 TB (terabytes) of data — but if you want to scale beyond that, like during a massive e-commerce operation, they need scalability beyond what shared storage can offer," Li told Business Insider. And, according to him, it costs a tenth of the AWS’ cloud services. But AWS doesn't agree. "It is inaccurate to say that PolarDB is available at a tenth of the cost as Amazon Aurora. If you consider a top of the line instance size, Amazon Aurora is still cheaper than PolarDB with more VCPUs (6 more VCPUs) on offer, and a secure virtualization platform (R5 instances powered by the AWS Nitro System)," the company told Business Insider. It also pointed out that even though Zomato, Paytm and BigBasket are on Alibaba Cloud, they're also using AWS simultaneously for other services. Li is in India to sell Polar DB, Alibaba Cloud’s relational database — a database in which a lot of different data sets can be compared and re-assembled without having to reorganise storage. Amazon’s customers, Alibaba-backed companies Currently, most of the company’s clients are small and medium enterprises (SMEs) — but most of the revenue comes from large companies. "We already have quite a few large businesses like <keyword id="96306" type="CITY" weightage="20" keywordseo="Reliance-Entertainment">Reliance Entertainment</keyword> and helped them launch across 150 countries," said Alex Li, General Manager of Alibaba Cloud South Asia. So, Alibaba Cloud’s real test will be when it tries to woo its next set of clients. Out of the four big names highlighted by Li, Alibaba Group has stakes in <a href="https://www.businessinsider.in/paytm-mall-completes-450-million-funding-round-from-softbank-and-alibaba/articleshow/64569914.cms">Paytm</a> and <a href="https://www.businessinsider.in/bigbasket-joins-unicorn-club-with-a-fresh-investment-of-150-million/articleshow/68624890.cms">BigBasket</a>. As Alibaba Cloud tries to woo Amazon’s customers, these are its major promises: <ol><li>It’s flexible. PolarDB addressed nearly 87 million requests per second during peak traffic helping Alibaba’s <a href="https://www.businessinsider.in/alibaba-just-had-the-biggest-online-shopping-day-of-all-time-nearly-tripling-every-companys-2017-black-friday-and-cyber-monday-sales-combined/articleshow/66580674.cms">11:11 Single Day</a> sale in China, which clocked a <a href="https://www.businessinsider.in/tech/news/alibaba-leaders-deny-sensational-claims-made-in-viral-weibo-post-that-said-the-chinese-e-commerce-giant-misreported-its-singles-day-sales/articleshow/72117515.cms">record-breaking</a> gross of <a href="https://www.businessinsider.in/retail/news/chaotic-photos-show-what-it-looks-like-when-alibaba-sells-38-billion-worth-of-merchandise-on-chinas-biggest-shopping-holiday-and-breaks-records/articleshow/72028088.cms">$38.4 billion</a>, according to the company.</li><li>It’s cheap. Li says the PolarDB is available at a tenth of the cost as AWS Aurora.</li><li>It’s tried and tested. "Not only do we have cloud database as a service, but we also provide database infrastructure for the entire Alibaba Group. That really helps us strengthen our technology and mature our product before we offer it to our customers," he explained.</li><li>It is fully compatible with MySQL. This is <a href="https://www.gartner.com/en/documents/3947472/magic-quadrant-for-cloud-infrastructure-as-a-service-wor">an important capability </a>since more businesses are already integrated with one type of database or another. Compatibility ensures that they can easily transfer their data and processes from one platform to the next. </li><li>Security. "We have some unique strengths, that Microsoft, Google and AWS don’t have. For example, we have a product called AllEncrypted. It combines database kernels with security software like Intel SGX. It allows the customer to encrypt their data using a private, secret key — and they don’t have to share that key with us," said Li.</li><li>Keep tabs on data. In the near future, blockchain technology will be integrated, which will allow authentication of the data through database logs.</li></ol>Alibaba Cloud is focusing all of its energies on India, and for good reason. Not only are local businesses looking to shift to the cloud rather than set up their own servers, but India’s impending <a href="https://www.businessinsider.in/policy/news/indias-new-data-protection-is-in-the-works-and-companies-will-only-have-to-pay-2-million-for-violations/articleshow/72381112.cms">Personal Data Protection Bill</a> is likely to push for <a href="https://www.businessinsider.in/tech/news/data-localisation-wont-help-local-firms-or-improve-privacy-but-it-could-cost-india-43-billion/articleshow/72251167.cms">localisation</a> — and Alibaba already has two data centres in the country. See also: <a href="https://www.businessinsider.in/tech/news/data-localisation-wont-help-local-firms-or-improve-privacy-but-it-could-cost-india-43-billion/articleshow/72251167.cms">Data localisation won't help 'local' firms or improve privacy — but it could cost India $43 billion</a> <a href="https://www.businessinsider.in/whatsapp-data-may-shift-to-the-cloud-but-may-no-longer-be-as-encrypted/articleshow/65475359.cms">WhatsApp data may shift to the cloud, but may no longer be as encrypted</a> <a href="https://www.businessinsider.in/tcs-and-cisco-join-hands-for-a-new-cloud-product/articleshow/70673984.cms">TCS and Cisco experimented a cloud service with a large insurer — and now they are ready to launch</a>

Alibaba Cloud is trying to woo Amazon's customers in the most Chinese way possible

<ul><li>Paytm’s board of directors will take a call on the declassification proposal on July 12, 2021</li><li>The fintech startup has made this move to meet all regulatory guidelines before submitting its IPO proposal</li><li>Paytm plans to raise $3 billion in the upcoming IPO, of which $1.6 billion will be a fresh issue</li></ul>Digital payments giant Paytm has moved a proposal to declassify <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> as the promoter of the company ahead of its $3 billion initial public offering (IPO). The company’s board of directors will consider the proposal at the extraordinary general meeting (EGM) to be held on 12 July, 2021. According to the EGM notice from One97 Communications, the parent company of Paytm, accessed by Business Insider, this move in order to meet the regulatory, commercial and statutory requirements before hitting the public market. According to Business Insider's previous <a href="https://www.businessinsider.in/business/startups/news/paytm-has-appointed-goldman-sachs-and-jp-morgan-as-the-bankers-for-its-upcoming-ipo/articleshow/83574242.cms">report,</a> the digital payments giant is planning to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) next month. The 21-year old firm ⁠— which started as a payments company and then went to add a payments bank, trading platform, online retail and games to its business ⁠— is looking to raise $3 billion, at a valuation of $25-$30 billion. About half of this, $1.6 billion, will be new shares and the remaining will be raised by existing investors who will sell their shares in the IPO. For this, the company has appointed Goldman Sachs and JP Morgan as the merchant bankers. It is also looking to appoint more merchant bankers and advisors such as Morgan Stanley and Citigroup Inc for the IPO. This could be the largest IPO in India, surpassing Coal India Ltd’s offering to raise ₹15,000 crore ($2 billion at current conversion rate) in 2010. Paytm has raised about $3.2 billion in total, so far, from marquee investors like Berkshire Hathaway, Alibaba Group and more. The company was valued at $16 billion in its last funding round raised in November 2019. The <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-opens-next-chapter-at-paytm-as-it-raises-1-billion-from-t-rowe-softbank-and-others/articleshow/72217033.cms">$1 billion </a>round had witnessed participation from T Rowe Price, Ant Group and Softbank Vision Fund. The Noida-based company currently competes, in payments, with Google Pay and Walmart-owned PhonePe, which too has been considering to hit the public market by 2023. Besides this, even food delivery app Zomato and online auto classifieds CarTrade have filed the DRHP for their IPO with the SEBI. These companies have appointed their respective CEOs<a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/zomato-limited-drhp_49956.html"> Deepinder Goyal (Zomato)</a> and <a href="https://www.sebi.gov.in/filings/public-issues/may-2021/cartrade-tech-limited-drhp_50134.html">Vinay Sanghi (CarTrade)</a> as the managing directors (MD) for the next five years. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a> <a href="https://www.businessinsider.in/tech/enterprise/news/oneplus-officially-announces-its-integration-with-oppo/articleshow/83596714.cms">OnePlus officially announced its integration with Oppo — this is what it could mean for users</a> <a href="https://www.businessinsider.in/careers/news/how-learning-foreign-languages-can-help-you-get-better-jobs/articleshow/83601709.cms">Learning foreign languages can help you get better jobs — here’s how</a> <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">Crypto’s ‘great mining migration’ has Chinese miners looking at Texas</a>

Paytm IPO: Vijay Shekhar Sharma may not remain the promoter of the company he founded 21 years ago

<ul><li>Edtech company Byju's is now <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company <keyword id="6357120" type="COMPANY" weightage="20" keywordseo="paytm">Paytm</keyword>'s $16 billion valuation.</li><li>Byju's is the 11th most valuable startup in the world.</li><li>The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion.</li></ul>Edtech company Byju's is now India's most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company Paytm's $16 billion valuation. As per CB Insights data, as of June 2021, Byju's is the 11th most valuable startup in the world. The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion. Byju's investors include Tencent Holdings, Lightspeed India Partners and Sequoia Capital India. It has recently raised $350 million from UBS, private equity giant Blackstone, Abu Dhabi state fund ADQ, Phoenix Rising and video conference firm Zoom's founder Eric Yuan. One97 Communications, the parent company of Byju's, has a valuation of $16 billion with investors like Intel Capital, Sapphire Ventures and Alibaba Group. A unicorn company, or unicorn startup, is a private company with a valuation over $1 billion. As of June 2021, there are more than 700 unicorns around the world. Popular former unicorns include Airbnb, Facebook and <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword>. The variants include a decacorn, valued at over $10 billion, and a hectocorn, valued at over $100 billion, CB Insights said. Oyo Rooms is valued at $9 billion with investors like SoftBank Group, Sequoia Capital India and Lightspeed India Partners. The National Stock Exchange is valued at $6.5 billion with investors including TA Associates, SoftBank Group and GS Growth. Ola Cabs is valued at $6.3 billion and has investors like Accel Partners, SoftBank Group and Sequoia Capital. Zomato is valued at $5.4 billion with investors including Sequoia Capital and VY Capital. Another food delivery chain, Swiggy, is vaued at $5 billion and its investors include Accel India, SAIF Partners and Norwest Venture Partners. Internet software company Dream11 is valued at $5 billion with investors including Kaalari Capital, Tencent Holdings and Steadview Capital. Logistics company Udaan is valued at $ 3.1 billion and has investors including DST Global, Lightspeed Venture Partners and <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> ScaleUp. Fintech company Razorpay is valued at $3 billion with investors like Y Combinator, Tiger Global Management and Matrix Partners India. Fintech company Pine Labs is also valued at $3 billion with investors namely MasterCard, Temasek and PayPal Ventures. Logistics company Delivery is another firm that is valued at $3 billion with investors including Times Internet, Nexus Venture Partners and SoftBank Group. Policybazaar is valued at $2.4 billion, Renew Power at $2.28 billion, fintech company CRED at $2.2 billion, consumer company FirstCry at $2.1 billion, software company Meesho at $2.1 billion, while <keyword id="3358959" type="COMPANY" weightage="20" keywordseo="ShareChat">Sharechat</keyword> is also valued at $2.1 billion. Edtech copany Unacademy is valued at $2 billion, ecommerce company Urban Company is valued at $2.1 billion, BillDesk at $1.9 billion and DigitInsurance at the same number. Lenskart is valued at $1.5 billion, Five Star Business Finance at $1.4 billion, Rivigo at $1.07 billion, Snapdeal at $1 billion as also Inmobi, Ola Electric, Cars 24, Daily Hunt, Infra Market and Groww. (Sanjeev Sharma can be reached at Sanjeev.s@ians.in) --IANS san/arm

You Searched For "paytm chinese" and got 10 results

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