Paytm has been successfully making its presence felt in the ecosystem for the last couple of weeks with the various moves it is taking towards expanding the tentacles in business. Following is a compilation of everything this mobile company has been up to lately.
Paytm’s Parent Invests in NDTV’s Gadgets 360°
One97 Communications, which owns mobile commerce platform, Paytm has invested in Gadgets 360° – An NDTV eCommerce venture. The deal amount is still undisclosed but Gadgets 360° has raised funding at a valuation of close to $50 million. Other investors include Inflexionpoint (Cofounded by John Scully, former Apple CEO), Pramod Bhasin (Founder, Genpact), Sixth Sense Ventures (Founded by Nikhil Vora), Vindi Banga (Former Chairman, Unilever), Hiro Mashita (Founder and Director of M&S Partners).
NDTV has also announced the appointment of Bhawna Agarwal as the CEO of Gadgets 360°. With over 16 years of experience in leading startups of the country, Bhawna has been instrumental in setting and scaling up leading brands such as Yatra.com, Seventymm among others. She has been associated with LuxuryRetail in the past and is also on the advisory boards of OYO Rooms, VentureFund among others.
Paytm & InMobi Join Hands to Create a Discovery and Mobile Shopping Platform in India
Paytm and mobile advertising platform, InMobi have announced the launch of a multi-level partnership, in the hope to charge up the mobile commerce ecosystem. Through this collaboration, Paytm marketplace merchants will now have reach to an extended base of mobile internet users on InMobi’s Miip d-commerce platform.
In addition, the Paytm Wallet is powering the Buy Button on the Miip platform, to ensure that merchants have higher sales conversions. This partnership will power billions of discovery commerce (d-commerce) sessions, thus, exponentially increasing the reach of the combined platform.
InMobi enables consumers to discover products through mobile advertising. Through Miip, a revolutionary discovery platform, developers, merchants & brands can engage mobile consumers globally. The company enables over 100 billion discovery sessions on mobile devices across a billion users every month.
Paytm partners with InMobi to Feature Games and Apps from Google Play and iTunes
Paytm has launched a new category on its marketplace called Games and Apps in partnership with the mobile ad-network InMobi. The category carries links of curated apps which are all free to download and install like Uber, Truecaller, CarWale, Ola Cabs, Cleartrip, Twitter, MakeMyTrip, Voonik among many others from Google Play and iTunes stores.
The section features on both iOS and Android app of Paytm.
Paytm Gets RBI Approval to Open Payment Banks
Paytm has received a license from the Reserve Bank of India to set up a payments bank. The approval will be valid for 18 months, during which time the company has to comply with the requirements under the Payments Banks Guidelines and fulfill other conditions as issued by RBI.
Post which, RBI will consider granting a license for commencement of banking businesses “under Section 22(1) of the Banking Regulation Act, 1949. No applicant will be allowed to undertake any banking business without the regular license issued by RBI.
The Reserve Bank had received 41 applications for payments banks, of which 11 have been granted an in-principle nod. Paytm has invested heavily into mobile technology and will continue to do so. This license will help the company to grow and provide a range of financial services to millions of Paytm users.
Paytm Wallet already has 100 million digital wallet users in India. With the help of this new opportunity to start payment banks, it might open up new gateways for it to enroll services on its platform so as to lure more customers as against its competition.
Paytm to Launch Financial Services Business to Offer Additional Services to its Customers
Paytm is offering additional services for the benefit of its customers. The mCommerce company is all set to enter into the financial services business over the next two weeks. The company’s association with Manappuram Finance and Muthoot Fincorp will enable Paytm to diversify its portfolio of services.
The financial services business of Paytm will offer the customer the ability to repay his loans using Paytm. Paytm will kick-start the services with Gold loan repayment. Subsequently, it would also provide the facility of renewing insurance policies on its platform. SBI General Insurance would be the first insurer to go live on Paytm.