Paytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining share in the online retail business.
Read More: Gold Price Rises In India: Check 24 Carat Rate In Your City On February 9
According to sources aware of the development, the company had applied for a name change around three months ago and got the approval from the Registrar of Companies on February 8.
“… The name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited with effect from the date of this certificate… The company was originally incorporated with the name Paytm E-Commerce Private Limited,” according to a Registrar of Companies notification dated February 8.
Elevation Capital is the largest shareholder in Paytm E-commerce. It is also backed by Paytm Founder and CEO Vijay Shekhar Sharma, Softbank and eBay.
Sources said that the company has now acquired Innobits Solutions Private Limited (Bitsila) which was launched in 2020 and operates as an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capability.
Read More: Zomato Records Rs 138 Crore Net Profit in Q3 Vs Rs 347 Crore Loss YoY
“Pai Platforms is a leading buyer platform on the ONDC network and Bitsila acquisition will further bolster its commerce play,” the source said.
Bitsila was launched in 2020, and is among top three seller platforms on ONDC. It supports marquee brands like McDonald’s, BigBasket on ONDC.
“The full-stack omnichannel and hyperlocal commerce capabilities of Bitsila have fuelled its growth, allowing it to manage over 600 million product categories across over 10,000 stores in more than 30 cities.
Read More: Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On February 9
The platform caters to various sectors, including grocery, food and beverages, fashion, beauty, personal care (BPC), and home decor,” the source said.
