Business News / Amidst the Paytm crisis, the company made a big change, the name of Paytm e-commerce changed

Business News: Paytm e-commerce has changed its name to Pai Platforms. Also, Bitsila has been acquired to increase its stake in online retail business. Bitsila is a sellers platform on ONDC. According to media reports, the company had applied for changing the name about three months ago. On February 8, it got approval from the Registrar of Companies. According to the notification of the Registrar of Companies dated February 8, from the date of this certificate, the name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited.

This company has more stake

Elevation Capital is the largest shareholder in Paytm e-commerce. It is also backed by Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma, SoftBank and eBay. Sources said that the company has now acquired Innobits Solutions Private Limited (Bitsila). It was introduced in 2020. It works as an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capabilities.

Working with ONDC Network

Open Network for Digital Commerce (ONDC) is an initiative of the Ministry of Commerce and Industry. Its objective is to create a convenient model to help small retailers take advantage of digital commerce. Pi Platforms is a leading buyer platform on the ONDC network and the Bitsila acquisition will further boost its commerce activities.