Paytm

Start-ups not working on technologies that can replace humans in workflow will not last long, Paytm founder and CEO Vijay Shekhar Sharma said on Tuesday. While speaking at the Rising Rajasthan Global Investment Summit, Paytm founder and CEO Vijay Shekhar Sharma, however, said that his company will need more people to develop technology and provide support as the adoption of AI increases. When asked about whether Paytm is also looking at technologies to reduce its workforce, Sharma said, "We will need to hire more ... to provide technology support. Technology companies will become stronger with the adoption of tech". During his session on Digital Transformation, Sharma said anything that is being done physically or mentally will be replaced by AI like car driving and writing code. Startups not developing tech to replace human workflow will not last long. "If you are not building a startup that removes the obligation of a human's workflow, you're not building a company that will be .

The company is seeing signs of recovery, with monthly transacting users (MTUs) at 71 million at the end of the September quarter of this financial year

Paytm currently has a cash balance of over Rs 10,000 crore. The Rs 2,364 crore sale would expand it by over 20 per cent

The transaction is expected to close this month subject to approvals. The sale is expected to strengthen the parent company's cash reserves

Fintech firm and owner of Paytm brand One97 Communications' Singapore-based arm has approved the sale of its Stock Acquisition Rights in Japan's PayPay to Softbank Vision Fund 2 for Rs 2,364 crore, the company said in a regulatory filing on Saturday. Paytm and Paytm Singapore had signed an agreement with the Japanese digital wallet firm, Softbank Corp, Softbank Group Corp and Yahoo Japan Corporation to provide technology services to PayPay. In lieu of the services, Paytm Singapore had acquired Stock Acquisition Rights, convertible into 1,59,012 shares or a 7.2 per cent stake in PayPay on a fully diluted basis. "One97 Communications Singapore Private Limited has informed the company on December 06, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on December 06, 2024, has approved the sale of all its Stock Acquisition Rights in PayPay Corporation, Japan, to SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (equivalent to Rs 2,364 crore)," the

The value of the deal is reportedly pegged at $250 million, although the company did not voluntarily disclose the deal size on the exchanges

Paytm's parent, One97 Communications, is set to sell its $250 million stake in PayPay to SoftBank as part of its strategy to divest non-core assets and focus on expanding its payments business

He added that it is the responsibility of entities in the financial services domain to ensure the safety of users through measures involving customer education

It was a mixed debut for the new 45 entrants in the derivatives segment as 50 per cent of the shares traded with losses in intra-day deals on the NSE.

The stock has rallied 19% in five trading days and is quoting at its highest level since November 2023

With new-age companies delivering healthy September quarter results, analysts still remain on a wait-and-watch mode. Here's why

Paytm brings UPI payments for Indian travellers to UAE, France, Singapore, and more

The NSE has approved the addition of 45 new stocks to the F&O; technical chart suggests that these 5 including the likes of Paytm, Zomato and Adani Total Gas can zoom up to 27% from present levels.

After Paytm's disappointing performance after listing in 2021, the markets have evolved and the fintech ecosystem has matured with greater regulatory clarity from the RBI

Analysts believe Paytm's cost optimization measures and gradual business turnaround will put it on an early path to profitability.

The Rs 2,000-crore acquisition was finalised in Q2, with Shreyas Srinivasan leaving Insider in August and marking his last day at Paytm on Monday

Paytm partners with Axis Bank, YES Bank, SBI and HDFC Bank as a payment service provider (PSP) through UPI

The approval may lead to an increase in company's UPI transaction volumes