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Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds for Payments Bank

Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds

Paytm CEO and founder Vijay Shekhar Sharma has sold 1 percent of his shares in One97 Communications to its depositors for about Rs 325 crores. The amount elevated will be used for Paytm’s proposed Payment Bank Operations in which Sharma holds 51 percent stake.

Speaking about the development, Paytm representative said, “The process had done for Paytm Payment Bank Investment, and the existing stockholders have bought the shares.”

At the end of this March, Sharma got over 21 percent stake in One97 Communications. Now, from the latest sale, he would bring down his holding to 20 percent. Last year, the Reserve Bank of India (RBI) had awarded ‘in-principal’ approval to One97 Communications founder Sharma for launching a Payments Bank.

Your Amount in Paytm Wallets May Expire soon if you Pass over this Process

Paytm Payments Bank is in the final phase, and it is looking for a green signal from RBI, and it will start its operations after due approvals. However, CEO Vijay Shekhar Sharma grips a majority share in the new payment bank entity, and One97 Communications are holding the rest.

Earlier this week, One97 Communications also simplified its business, merging Paytm’s wallet business with payments bank operation.

China’s leading online shopping portal Alibaba Group and its partner Ant Financial hold over 40 percent in One97 communications. They had propelled in USD 680 million last year into the parent company of Paytm.

How to Transfer Money From Paytm to Any Bank Account

However, the Chinese body won’t have a direct shareholding in the Payments bank. Other investors of One97 Communications include SAIF Partners, Intel Capital, and SAP Ventures.

Your Amount in Paytm Wallets May Expire soon if you Pass over this Process

Your Amount in Paytm Wallets May Expire soon

One97 Communications, the parent company of Paytm, is going to merge its Wallet business with its PayTm payments Bank division soon. The company is waiting for the RBI approval to start its Paytm Payments Banking operations. While the One97 Communications will remain the owner of the e-commerce platform, the ownership of the Paytm Wallet will be transferred to Paytm Payments Bank.

Earlier this year, RBI has granted in-principle payments bank license for CEO Vijay Shekhar Sharma. It is noteworthy to point to declare that PayTM’s bank division’s license is owned by Vijay Shekhar Sharma, but not the remaining 49 percent stakeholders.

PayTM included PayTM E-commerce Pvt. Ltd and PayTM Payments Bank Ltd as different entities in August. Reports suggest that PayTM’s e-commerce portal operates as a base for AliBaba’s operations in India.

How to Transfer Money From Paytm to Any Bank Account

How about PayTm wallets and existing cash?

PayTM Wallets will be a part of PayTM Payments Bank Ltd from now on. PayTM’s public statement declares that PayTM wallet owners can login into PayTM account and transfer their balance to their bank accounts by providing bank details like Account Number and IFSC Code.

PayTm has provided 15-day period to transfer their Wallet balance to their Bank accounts. If in case the balance hasn’t transferred,  it will be moved to a specific account in PayTM Bank. However, PayTm owners will not be allowed to transact until they provide their bank details.

The process is not applicable for PayTM wallet users who are inactive from the past six months with zero balance. They have to login into their PayTM account and need to send an e-mail or in-app option to get integrated with PayTM Payments Bank Ltd.

Paytm’s Point of Sale (PoS): New Feature Included in Recent Update for Merchants

“Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC Wallet as KYC Wallet and minimum detail KYC Wallet as minimum detail KYC Wallet if we do not receive any communication from you against the same before December 21, 2016,” reads the Paytm user statement.

Paytm Founder Vijay Shekhar Sharma is the Richest Entrepreneur with a Net Worth of Rs. Rs.7300 crore

Hurun’s India Rich List 2016

It seems startups in India are witnessing a tremendous growth in their net worth which is almost close to the richest business tycoons in India. According to Hurun’s India Rich List 2016, founder of Paytm, Vijay Shekhar Sharma is the richest Entrepreneur under-40 in India. His net worth jumped by 162 percent from Rs. 2824 crore to Rs.7300 crore presently. The list comprises of entrepreneurs with a wealth of Rs. 1600 crore or more. Nilima Motaparti, Divis Laboratories followed Vijay with a net worth of Rs.7100 crore. Bhavish Aggarwal, Co-Founder of Ola Cabs stood youngest on the list worth Rs.3000 crore currently, which was Rs. 2,385 crore in 2015. This man Dominated list mentions only 4 percent of women in the list.

Paytm founded in 2010, was the reason behind the growth of Vijay Shekhar Sharma. Started with offerings of utility bill payments and mobile recharge, Paytm emerged as a one-stop marketplace for customers. Paytm offers everything right from recharge to booking a car. Paytm Wallet provides many services like hotel and travel bookings, movie tickets, money transfer and much more.

Amazon Founder Jeff Bezos Becomes The World’s Third-Richest Man

 With 122 million active users, 130 million wallet users and 90 million users monthly, Paytm extends its wallet service across the cabs & taxis, fuel stations for bill payments. The company achieved a swift speed startup status with a net worth of $2.9 billion and bleeding money each year. Paytm registered a loss of Rs.372 crores in the 2014-15 financial year.

So far, Paytm has received a funding of $740 million in total with a significant stake of 40 percent by Alibaba group. It is reported that the founder Vijay Shekhar Sharma, holds 21pecent of shares in Paytm which has been cut down by 6 percent in 2015 when Alibaba, Ant Financial invested $680 million in the company. Even after witnessing a loss of his stake by 6 percent, Vijay Shekhar Sharma’s wealth gained by 162 percent.

According to Hurun’s India Rich List 2016, Top 10 Richest People in India:

 Rank Name Wealth INR Cr Change Company Age Residence
  1. Mukesh Ambani 163,400 2% Reliance 59 Mumbai
 2. Dilip Shanghvi 121,500 -4% Sun Pharma 60 Mumbai
 3. Pallonji Mistry 101,100 16% Shapoorji Pallonji 86 Mumbai
 4. SP Hinduja & family 100,700 -2% Hinduja 81 London
 5. Cyrus S Poonawalla 83,000 97% Serum 74 Pune
 6. Azim Premji 74,700 44% Wipro 71 Bengaluru
 7. Shiv Nadar 73,000 -22% HCL 71 New Delhi
 8. LN Mittal 66,900 -20% ArcelorMittal 66 London
9. Uday Kotak 51,600 8% Kotak Mahindra 57 Mumbai
10. Sunil Mittal & Family 50,300 4% Bharti Airtel 58 New Delhi

Big bazaar ties up with Paytm to provide online retail services

Big bazaar now on Paytm app to provide online retail services

With a strategy to go online via e-commerce, the retail company future group partnered with digital payment platform Paytm. As a result, paytm users can now shop for the big bazaar retail products on online paytm marketplace. Your goods will be delivered to your home.

Future Group operates stores, such as Big Bazaar, FBB, Central, Brand Factory, Foodhall, Ezone and EasyDay. Through this deal, the users can use paytm wallet at all the future group retail outlets. Additional 15% cashback will be provided at the big bazaar for the paytm users.

Paytm To Offer Free WIFI Services To Its Customers

“The unit economics of e-commerce has been the key bane for understanding the business, making a partnership the most viable format to take Big Bazaar online,” said Kishore Biyani CEO of Future Group

“In the last two years, we have been serious in understanding this business and how to engage with it… one has to make this business happen,” he added.

According to the business giant, “The cost of acquiring a customer (in e-commerce) is more than 20%, cost of fulfilment is more than 20%, cost of running the operation is 8-10% totalling almost 50% as cost of operation. At this cost, you can’t sell any goods in this medium,”

Amazon Great Indian Sale From August 8–10: Prime Members Get Early Access To Deals

Together (with Future Group), we see a fantastic opportunity to create a mobile first, omni-channel retail and payment solution for our wide consumer base,” Vijay Shekhar Sharma, founder and CEO of Paytm said.

Big Bazaar offers Maha Bachat sale from August 13-17 targeting Rs 1000 crore sales and this will be encouraged with online sales Biyani said.

Both the companies are targeting large-scale acquisition of the customers and seamless payments through digital wallets. This can be the driving force for the companies’ kick-start the business.

Paytm To Offer Free WIFI Services To Its Customers

paytm free wifi

 Vijay Kumar Sharma, the first E – Commerce service provider to initiate free wifi services across the metro stations all over in Delhi. Initial start-up was rolled out in a metro station in Noida, a place benefits where nearly 1,00,000 people a day.

Signalling Paytm wifi, very soon starting across all the main subway stations across Delhi, and Mr. Sharma founder of the company expressed that the program will allow connecting to the user ‘Paytm Wifi’ for 15 minutes and can access only his Paytm account.

Paytm is trying to push the customers to use their wallet for offline usage. Paytm wants their customers, merchants, and traders to exchange the cash through Paytm wallet.

Jio Money Wallet Application launched Android and iOS

For an instance, commuters who was about to pay for taxi driver can transact the cash to his Paytm wallet, and Taxi driver accepts the payment via Paytm wallet. This all can be attainable over through free access Internet, the free start – up service is going to start soon in all the Metro Stations.

Mr. Kumar said “Initially we are trying to set up in metro stations because they are the key locations for our customers and merchants, especially auto – rickshaw wallas” he added.

A year ago, taxi online cab aggregator (Ola and Uber) started free wifi to its consumers. Uber is offering free 4G Wi-Fi in partnership with Airtel to Customers in Mumbai and plan to launch the service in other parts of the country. Nevertheless, Paytm is the first e-commerce site to provide access to free wifi. After a point we can expect our customers to buy these services, said Sharma.

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On Friday, Mr. Vijay posted on Facebook and Twitter signifying that the smartphone device was connecting to wifi named “Paytm WIFI” and the screenshot reveals the initial start-up in a metro station in Noida Sector – 18.