Paytm, the Indian brand of electronic payment and e-commerce, has become the second most valuable online company after the largest e-commerce firm Flipkart reached $ 10 billion. Around 200 employees of the company sold their shares of the stock ownership plan for employees (ESOP) in the amount of $ 50 million, according to media reports. A few days ago, PTI reported citing unidentified sources that some former and current employees of the company are pondering a plan to sell shares worth approximately $ 50 million to new investors.
The Discovery Capital hedge fund is one of the investors that has bought shares of the Paytm One97 Communications parent under a secondary transaction. In May of last year, Paytm had raised USD 1.4 billion from SoftBank, which valued the company at $ 7 billion at that time. Paytm has been one of the main beneficiaries of the government’s decision to eliminate high denomination notes in 2016. It has seen multiple growth in transactions on its platform, as well as an expansion in the number of users since then.
Just a few days ago, Paytm launched the Paytm Business application for merchants and companies to accept payments on the platform. In addition, it will allow them to navigate their previous transactions along with a facility to view the payments made to their bank accounts. The Paytm for Business application is now available for download in the Google Play store. The application is available in 10 regional languages, including Hindi and English.
The Paytm for Business application is fully designed to facilitate digital payments that traders exchange daily. The application classifies transactions in different categories, along with bank transfers. Merchants can even generate QR codes and put them in their stores to allow customers to scan and pay for the money. Paytm says that merchants and companies will be able to accept payments with zero commissions, which means that Paytm intermediary will not assume any part of the payments.
Paytm is an Indian brand of e-payments and e-commerce based in Delhi NCR, India. Launched in August 2010, it is a consumer brand of the parent company One97 Communications. The name is an acronym for “Payment via mobile”. The company employs more than 13,000 employees as of January 2017 and has 3 million off-line merchants throughout India. It also operates the Paytm payment gateway and the Paytm wallet.