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Sunday, February 25, 2024

Paytm E-commerce Rebrands to Pai Platforms, Acquires Bitsila in Strategic Move

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Paytm E-commerce has undergone a rebranding, changing its name to Pai Platforms. This transformation comes alongside the company’s acquisition of Bitsila, a prominent seller platform operating on the Open Network for Digital Commerce (ONDC), thereby strengthening its foothold in the online retail sector.

Sources familiar with the matter revealed that the company had initiated the name change process approximately three months ago, obtaining approval from the Registrar of Companies on February 8.

As per a notification from the Registrar of Companies dated February 8, the company’s name has officially been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited. The Registrar highlighted that the company was initially incorporated under the name Paytm E-Commerce Private Limited.

Elevation Capital stands as the largest shareholder in Paytm E-commerce, which also enjoys backing from Paytm Founder and CEO Vijay Shekhar Sharma, Softbank, and eBay.

According to insider reports, Pai Platforms has successfully acquired Innobits Solutions Private Limited, known as Bitsila, which emerged in 2020 as a key player in the ONDC seller platform landscape, offering comprehensive omnichannel and hyperlocal commerce solutions.

“Pai Platforms holds a prominent position as a buyer platform within the ONDC network, and the acquisition of Bitsila is poised to further solidify its presence in the commerce domain,” disclosed a source familiar with the matter.

Established in 2020, Bitsila has swiftly risen to prominence, ranking among the top three seller platforms on ONDC. It boasts an impressive clientele including renowned brands such as McDonald’s and BigBasket.

The platform’s robust full-stack omnichannel and hyperlocal commerce capabilities have fueled its rapid expansion, enabling it to manage an extensive array of product categories spanning over 600 million items across more than 10,000 stores in 30 cities. Bitsila caters to various sectors, including groceries, food and beverages, fashion, beauty, personal care (BPC), and home decor.

This strategic move by Pai Platforms underscores its commitment to enhancing its market position and diversifying its offerings in the rapidly evolving digital commerce landscape.

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