Paytm E-commerce is now known as Pai Platforms after receiving approval from the Registrar of Companies on February 8, 2024. The company has also acquired Bitsila, a seller platform on ONDC, to strengthen its presence in the online retail business.
Bitsila is a seller platform on the Open Network for Digital Commerce (ONDC). ONDC is an initiative by the Indian government aimed at creating an open digital commerce ecosystem. Acquiring Bitsila allows Pai Platforms to expand its presence in the online retail market by gaining access to a seller platform within the ONDC framework. Softbank and eBay are also backers or supporters of Paytm.
Elevation Capital, a major shareholder in Paytm E-commerce, has recently acquired Innobits Solutions Private Limited, also known as Bitsila. In simpler terms Paytm E-commerce, with support from Elevation Capital, Vijay Shekhar Sharma, Softbank, and eBay, has strengthened its business by acquiring Bitsila, a company that specializes in providing a versatile platform for sellers to engage in digital commerce with a focus on local markets.
Bitsila, established in 2020, operates as an ONDC (Open Network for Digital Commerce) seller platform. It offers a comprehensive suite of services for businesses, enabling them to engage in omnichannel (across various platforms) and hyperlocal (focused on local markets) commerce. Bitsila has also become one of the top three seller platforms on ONDC, facilitating transactions for esteemed brands such as McDonald's and BigBasket.
Source: Click Here