Fintech company Paytm is going to acquire a new company amid all-round crises. This deal can be with Bitsila, a Bengaluru based e-commerce startup. According to reports, this acquisition deal is being finalized.
The deal may be completed in the next week
According to a report by Moneycontrol, Paytm will soon acquire Bitsila. Can take over. Bitsila is an interoperable e-commerce startup company operating on ONDC. In terms of transactions, Bitsila is currently the third largest company acting on behalf of sellers on ONDC. Quoting sources in the report, it has been said that the final touch is being given to the deal. The deal can be completed in the coming week.
Bitsila was started in 2020
According to the information given on the website of Bitsila, the startup was started by Dashratham Bitla and Surya. Pokalli did it together in 2020. The startup company has earlier raised funds in the pre-seed round from Antler India and RedBus founder Phanindra Sama. Bitsila runs a seller-side app. The company, which operates in the business-to-business segment, helps small merchants onboard on ONDC.
RBI’s action on payments bank
Paytm is making this acquisition at a time When its banking unit is facing deep crisis. The Reserve Bank has recently taken action on Paytm Payments Bank and has imposed many restrictions on it. RBI has immediately stopped Paytm Payments Bank from adding new customers and credit business. Paytm’s shares have also fallen by more than 50 percent in the last few days.
Paytm is already present on ONDC
If we talk about this proposed deal, then it will help Paytm in e-commerce. Can help in expanding business. Paytm is also providing service on ONDC. Paytm has been active on ONDC since 2022 and is among the first big companies to integrate its app on the government e-commerce platform. Currently, Paytm’s services are available on ONDC in the form of buyer app.