Paytm E-commerce, renamed as Pai Platforms, acquires ONDC seller firm Bitsila.
Paytm E-commerce changed its name to Pai Platforms and bought an ONDC seller company called Bitsila. Elevation Capital is the company's biggest shareholder. It also has the support of Softbank, eBay, and Vijay Shekhar Sharma, the founder and CEO of Paytm.
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By acquiring Bitsila, an ONDC seller platform, and rebranding itself as Pai Platforms, Paytm E-commerce has increased its market share in the online retail industry. Sources with knowledge of the situation indicate that the organization submitted its name change application approximately three months prior and received Registrar of Companies approval on February 8.
"As of the date indicated on this certificate, the organization's name has been modified from Paytm E-Commerce Private Limited to Pai Platforms Private Limited. The organization was initially established under the designation Paytm E-Commerce Private Limited," as stated in a notification issued by the Registrar of Companies on February 8.
Elevation Capital is the majority shareholder in Paytm E-commerce. It is also backed by Vijay Shekhar Sharma, the founder and CEO of Paytm, Softbank, and eBay.
PAYTM-ONDC:
According to sources, the company has now acquired Innobits Solutions Private Limited (Bitsila), which was founded in 2020 and provides an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capabilities.
"Pai Platforms is a leading buyer platform on the ONDC network and Bitsila acquisition will further bolster its commerce play," a person familiar with the matter said.
Bitsila, which was launched in 2020, is one of the top three seller platforms on ONDC. It supports well-known brands such as McDonald's and BigBasket on ONDC.
"Bitsila's full-stack omnichannel and hyperlocal commerce capabilities have fuelled its growth, enabling it to manage over 600 million product categories across 10,000 stores in more than 30 cities. The platform serves a variety of industries, including grocery, food and beverages, fashion, beauty, personal care (BPC), and home decor," the source said.
