Paytm, amidst a regulatory crisis affecting its payments business, is reportedly in the advanced stage to finalise a deal to acquire Bengaluru-based interoperable ecommerce startup, Bitsila.
However, Paytm refuted the report of the said acquisition terming it to be ‘misleading’.
“We firmly deny the news of Paytm's proposed acquisition of Bitsila. The said news is entirely misleading," said Paytm spokesperson.
According to a media report, Bitsila currently holds the third-largest position among seller-side platforms on the Open Network for Digital Commerce (ONDC), with the deal expected to close in the coming week.
Bitsila, launched in 2020 operates as an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capability. Established in 2020 by Dasharatham Bitla and Sooryah Pokkali, previously secured a pre-seed funding round from Antler India and Redbus founder Phanindra Sama.
Paytm E-commerce has rebranded itself as Pai Platforms, marking a shift in its corporate identity.
Paytm comfirms that Paytm ecommerce has now renamed as Pai Platforms and separate from the listed entity One97 Communications.
The timing of these developments coincides with Paytm facing regulatory scrutiny from the Reserve Bank of India, spanning concerns ranging from foreign exchange violations to know-your-customer (KYC) lapses.