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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><keyword id="6135170" type="UNKNOWN" weightage="20" keywordseo="Paytm-Money">Paytm Money</keyword>, the financial services arm of digital payments, has set up a Technology Development and Innovation Centre in Pune.</li><li>The company is looking to hire 250 engineers across the front-end, backend as well as data scientists.</li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> Money is headquartered in Bengaluru and already has a team of over 300 employees.</li></ul>Paytm Money, the financial services arm of digital payments, has set up a Technology Development and Innovation Centre in Pune. The new facility will aim to drive product innovation, specifically in the areas of equity, mutual funds, and digital gold, the company said in a statement. The company is looking to hire 250 engineers across the front-end, backend as well as data scientists. Paytm Money is headquartered in Bengaluru and already has a team of over 300 employees. “We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions,” said Varun Sridhar, chief executive officer of Paytm Money. In a recent<a href="https://www.livemint.com/companies/people/paytm-money-ceo-varun-sridhar-shares-3-ideas-for-young-investors-to-win-big-in-stock-markets-11617075603105.html"> interview</a>, Sridhar had also said that Paytm Money will break even in three years. The online investment platform offers stockbroking, mutual funds, and other wealth management services. It also recently launched IPO investments on its platform, through which retail investors can apply for investments in Initial Public Offers (IPOs) in India. It had also ventured into Futures &amp; Options trading (F&amp;O) on its platform. The slew of new features launched by Paytm Money is aimed at gaining market share in the online wealth management industry. The company already has over seven million users, and by the end of FY21 it hopes to have achieved 10 million users and 75 million yearly transactions. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/inside-ritesh-agarwals-family-office-aroa-ventures-and-its-early-investments/articleshow/81772098.cms">EXCLUSIVE: Inside Ritesh Agarwal’s family office and its early investments</a>

Paytm Money set to hire 250 engineers for its new technology centre in Pune

<ul><li>The capital raised would be used for working capital requirements of the company .</li><li><keyword id="127786" type="General" weightage="100" keywordseo="wabag" source="Orion">WABAG</keyword> has developed three dedicated research and development centres in Austria, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, and Switzerland.</li><li>This would be Asian Development Bank's first investment in a water sector company in the country.</li></ul> Water treatment player <keyword id="175402" type="General" weightage="50" keywordseo="va-tech-wabag-ltd" source="Orion">Va Tech WABAG Ltd</keyword> has signed an agreement with Asian Development Bank to raise Rs 200 crore through unlisted non-convertible debentures, the company said on Friday. This would be Asian Development Bank's first investment in a water sector company in the country. "..signed an agreement with Asian Development Bank towards raising Rs 200 crore through unlisted non-convertible debentures carrying a five year and three months tenure which will be subscribed by <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> over 12 months," Va Tech WABAG said in a statement. The capital raised would be used for working capital requirements of the company and would be within the current borrowing limits thereby not increasing the debt-level of the company, it said. "This is an important milestone for WABAG, as we add another feather to our cap with this strategic funding tie-up with ADB. ADB's decision to collaborate with WABAG, in their first private sector water investment in India, is a key validation of its leadership," said chief financial officer of the company <keyword id="15622768" type="General" weightage="50" keywordseo="skandaprasad-seetharaman" source="Orion">Skandaprasad Seetharaman</keyword>. "This is, indeed, a great moment for us to be directly associated with ADB, showing ADB's confidence in WABAG's credibility and credentials in the water sector," he said. WABAG has developed three dedicated research and development centres in Austria, India, and Switzerland. ADB (private sector operations) director general <keyword id="15413964" type="General" weightage="50" keywordseo="suzanne-gaboury" source="Orion">Suzanne Gaboury</keyword> said, "This project is ADB's first private sector financing in India's water sector and will help to crowd in urgently needed international and domestic financing for the sector to ease water stress as demand increases." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-pauses-onboarding-of-online-merchants-by-paytm-payments-services-firm-says-no-material-impact-on-biz/articleshow/95780851.cms">RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/a-year-after-market-debut-paytm-is-the-worst-performer-among-recent-large-ipos-cartrade-policybazaar-and-lic-join-the-party/articleshow/95762071.cms">A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/heres-what-the-governments-new-norms-to-curb-fake-online-reviews-ratings-include/articleshow/95757857.cms">Here's what the government's new norms to curb fake online reviews &amp; ratings include</a>

ADB, Wabag sign USD 25 mn debt facility for sanitation, water security in India

<ul><li>Number of cases detected: 29 </li><li>Number of cases recovered: 3 </li><li>States where cases were detected: Kerala, Hyderabad Delhi, UP</li></ul>March 5, 10:30 am The group of 14 Italian tourists who tested positive for COVID-19 has been admitted to the Medanta hospital in Haryana. The hospital in a statement said, "Medanta has received, at the special request of the government, 14 asymptomatic persons suspected to have COVID-19. March 5, 08:30 am A Paytm, Gurugram office employee tested positive of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword>, increasing the number of cases to 29 in India. The company said the employee recently travelled to Italy for a short vacation. Paytm’s Noida headquarters and Gurugram office will remain closed for the next few days in order to decontaminate the workplace. 06:00 pm As the number cases reported on Coronavirus rises, the demand for masks, sanitizers and gloves jumped by 316% in the last three months, according to Tradeindia.com, a B2B online marketplace. "Pharma industry players like Dettol and Pee Safe cited the rise in their manufacturing units as people are buying more N95 or surgical face masks to protect themselves from the threat of coronavirus," 'said Sandip Chhettri, COO of the platform. 03:00 pm Raheja Mindspace in Hyderabad's tech park was evacuated after the news that an employee was suspected of coronavirus, spread. 02:30 pm Union Minister for Health <keyword id="196226" type="PERSON" weightage="20" keywordseo="Harsh-Vardhan">Harsh Vardhan</keyword> in a press briefing today said there are 28 people infected with coronavirus in India, which includes a group of 16 Italian tourists and 12 Indians from Agra, Delhi and Telangana. 02:00 pm Retail giant <a href="https://www.businessinsider.in/tech/news/amazon-web-services-cancels-mumbai-summit-due-to-coronavirus-concerns/articleshow/74473266.cms">Amazon's Cloud arm Amazon Web Services (AWS) on Wednesday announced</a> it has cancelled its flagship Summit in India owing to the growing new coronavirus concerns. AWS was scheduled to organise the summit in Mumbai from April 7-9. Coronavirus, which is spreading rapidly across the world, has infected more than 90,000 people around the globe. In total, 28 cases of coronavirus have been confirmed in India so far, while three of them have recovered. Currently, India has two infected patients, one in New Delhi travelled from Italy, while the one from Telangana travelled from Dubai. The other include six people from Agra who got infected after coming in contact with the Delhi patient and a group of 17 tourists who travelled to Rajasthan and later Agra in Uttar Pradesh, which includes 16 Italians and an 1 Indian driver. However, the first tranche of Indians evacuated from Wuhan tested negative and were all released from quarantine at Manesar in Haryana, last <a href="https://www.businessinsider.in/india/news/coronavirus-indian-government-to-discharge-220-students-evacuated-from-wuhan-china/articleshow/74185359.cms">month</a>. The <keyword id="46535" type="COMPANY" weightage="20" keywordseo="Health-ministry">Health Ministry</keyword>, in a press conference on March 2, assured all help and urged people to stay vigilant. Harsh Vardhan advised people to refrain from non-essential travel to Iran, Korea, China and Singapore. The ministry also released a new travel advisory for international travellers available on their <a href="https://mohfw.gov.in/sites/default/files/Consolidated%20Travel%20advisory%20to%20travelers%20Updated%2026-02-2020.pdfhttps://mohfw.gov.in/sites/default/files/Consolidated%20Travel%20advisory%20to%20travelers%20Updated%2026-02-2020.pdf">website</a>. The epidemic has spread over 65 countries now and has killed around 3,203 people.

Coronavirus: Paytm shuts down office, after employee tests positive

New Delhi, Jun 18 () Financial services platform Paytm on Thursday said it has set up its largest campus with over 5,000 seats in Noida, Uttar Pradesh, to accommodate its expanding team. "The company has taken up over 5.5 lakh sq ft of space comprising 21 floors spread across two towers in the newly set up office complex. Paytm plans to gradually shift all operations based in Delhi-NCR to this campus including the headquarters of One97 Communications," Paytm said in a statement. Paytm - which has had its headquarters in Noida for over two decades - said it is on track to shift to the new campus by December this year. The company will give up the leases of a total of 19 facilities across the country, out of which 16 are small regional sales offices, it added. "While the new campus will have over 5,000 seats, the company will follow all social distancing guidelines that the government would mandate when it shifts operations to the new complex by this year-end. All teams of Paytm would be housed on various floors of the same tower of the complex," it said. Paytm said it is also planning to take up over 1.5 lakh sq ft of office space in Bengaluru as it expands operations and teams of Paytm Mall, Paytm Money, Paytm Travel and other business units. The planned new campus will house Paytm's large engineering base the company is in the process of setting up, it added. "Paytm is a dynamic firm that is expanding at a rapid scale. While we have time to move into our biggest campus, we are streamlining some of our real estate spread across India. We will not extend the leases of some of our offices as our colleagues will continue working from home," Paytm Vice President Narendra Kumar said. Consolidating offices to one large campus would improve operational efficiency and further create synergies between various teams and processes, he added. SR RUJ RUJ

Paytm sets up new campus with 5,000 seats in Noida

<ul><li>Over 50% of the companies in tech and retail sectors are open to hybrid working models. </li><li>Interestingly, it’s the smaller sized companies who want their workforce to be back at their desks. </li><li>Around 35%-40% of the organisations are embracing the idea of hybrid working, says a survey by <keyword id="3502552" type="General" weightage="80" keywordseo="awfis" source="Orion">Awfis</keyword>.</li></ul>It’s not just tech companies that are ending the work-from-home phenomenon. As per a new report by Awfis, a coworking space network company, the sector that’s most strict when it comes to working out of the office is the pharmaceutical sector. In a survey by Awfis and <keyword id="3196150" type="General" weightage="20" keywordseo="Qdesq" source="Orion">Qdesq</keyword>, 90% of pharma companies surveyed said that they prefer work from the office, with only 10% of them open to hybrid working models. The sectors that are most open to hybrid working models are banking and financial services, engineering and manufacturing – at 70% of them said in the survey. Next comes retail and tech sectors where 50% of those surveyed preferred hybrid working models. The work location preference also varies with size of the company. More than 70% of the smaller firms are in favour of working from the office, while 15% of large firms are on board with hybrid working models. Overall, across sectors and sizes, about 35-40% of companies prefer the idea of hybrid working. Around 45% of corporations are looking for new office spaces including conventional and flex, while 35% of them already instituted a multi-office approach through collaboration with coworking spaces, said Indian <keyword id="15597723" type="General" weightage="20" keywordseo="Flex-Occupiers-Survey-2022" source="Orion">Flex Occupier’s Survey 2022</keyword>. A large chunk of the workforce went back to their hometowns during Covid-19 lockdown and the companies across all sectors had no choice but to pivot to a hybrid work model. The situation has since changed again and organizations are progressively collaborating with flex space operators to ensure the seamless execution of the hybrid work model despite office development in numerous places. “As firms continue to evolve with the changing market dynamics, the workforce expectations, too, have changed with new working models like hybrid, work-from-home, and working from office coming to the fore,” said Paras Arora, founder and CEO, Qdesq. <cmsannotation type="cmsannotation" annotationid="Flex workspaces core to workplace strategy" comment="subhead" text="Flex workspaces core to workplace strategy">Flex workspaces core to workplace strategy</cmsannotation> Sectors like banking, insurance and technology, where employees have already started going to the office again, are expected to lead the demand for office spaces in 2023, the report revealed. Majority of the respondents are looking to collaborate with coworking space players to implement a strategy for a distributed workforce, while 30% of respondents are searching for more affordable alternatives to rental offices to have more financial flexibility, the report said. “The years 2020 and 2021 played a defining role in causing a paradigm shift in Indian occupiers' demands and making Flex workspaces core to their overall workplace strategy. The return of the workforce to offices is now certain and so is the resolute need for flexibility at work which paves a clear path for accelerated growth and expansion of India's flex space market in the coming years,” said Amit Ramani, founder and CEO, Awfis. Top seven cities — Bengaluru, Hyderabad, Mumbai Metropolitan Region (MMR), Pune, NCR, Kolkata and Chennai — account for 20% of the total demand for coworking space in the country, Anarock report said. “Organizations are implementing a set of new workplace strategies in a post-pandemic world, which have been greatly influenced by the circumstances faced during the pandemic,” the Awfis report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/alarming-rise-in-lung-cancer-amongst-non-smokers-women-and-youngsters-study/articleshow/95713544.cms">Alarming rise in lung cancer amongst non-smokers, women and youngsters - Study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/mukesh-ambanis-jio-financial-services-deep-pockets-and-wide-reach-to-challenge-the-likes-of-paytm-bajaj-finance/articleshow/95714425.cms">Mukesh Ambani’s Jio Financial Services’ deep pockets and wide reach to challenge the likes of Paytm, Bajaj Finance</a>

Not IT or banking, but pharma leads the demand for employees' return to offices

<keyword id="2498362" type="UNKNOWN" weightage="20" keywordseo="co-working">Co-working</keyword> spaces are all set to ride the tide of the Indian start-up revolution or so it seems. They are no longer restricted to small start-ups or freelancers. Today, even larger corporates and start-up giants are open to house their employees in the co-working space, given that they now offer private spaces that suits the team size from 3 to 150 individuals and are equipped with access cards, personalised meeting rooms, conference rooms, etc. 
 
<a href="http://www.businessinsider.in/more-than-50-people-in-delhi-sleep-in-their-denims-according-to-this-survey/articleshow/57793628.cms">ALSO READ: More than 50% people in Delhi sleep in their denims in Indian metros, according to this Westside Denim Survey</a> 
 <keyword id="1252549" type="UNKNOWN" weightage="20" keywordseo="Innov8">Innov8</keyword> <keyword id="6405428" type="PERSON" weightage="20" keywordseo="Koramangala">Koramangala</keyword> has become the workspace destination for <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>. Paytm has booked a one and a half floor in the private space with 150 seats to house its employees in their third office in the heart of <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword>. 
 
<a href="http://www.businessinsider.in/the-tale-of-tata-nullore-estate-coffee-that-made-it-to-the-starbucks-reserve-in-seattle/articleshow/57792529.cms">ALSO READ: The tale of Tata Nullore Estate coffee that made it to the Starbucks Reserve in Seattle</a> 
 
Apart from all the mandatory office space requirements, Innov8 co-working’s private space that houses Paytm employees offers a dedicated recreational area with pool table, foosball, table tennis, skateboards, mini golf and an in-house guitar pad to help the teams relax and rejuvenate. The center also has a roof-top terrace where individuals can regroup for informal meetings and discussions while enjoying the fresh air and an amazing bird’s eye view of Koramangala. 
 
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You Searched For "paytm new office" and got 7 results

Vijay Shekhar Sharma: The controversies of the architect of fintech

PTI

Paytm Money set to hire 250 engineers for its new technology centre in Pune

Sanchita Dash

ADB, Wabag sign USD 25 mn debt facility for sanitation, water security in India

PTI

Coronavirus: Paytm shuts down office, after employee tests positive

Navdeep Yadav

Paytm sets up new campus with 5,000 seats in Noida

PTI

Not IT or banking, but pharma leads the demand for employees' return to offices

Vaamanaa Sethi

This is what Paytm's new office in Bengaluru looks like

Tanya Dubey

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