Paytm Ecommerce has changed its name to Pai Platforms, as per filings in the Registrar of Companies.
As per reports, the company had seemed approval for the rebranding a few months ago and got the go-ahead on Wednesday.
Furthermore, Paytm has acquired Innobits Solutions Private Limited (Bitsila), an ONDC seller, established four years ago, as per reports. Paytm through, has denied any news of acquisition.
Recently, Ashneer Grover, former founder of fintech firm BharatPe, has come out swinging again for crisis-hit Paytm. After the Reserve Bank of India (RBI) had directed Paytm Payments Bank Ltd (PPBL) to halt new customer onboarding and enforce strict operational restrictions due to ongoing noncompliance and supervisory concerns, Grover had accused market regulators and the government of “doglapan”.
At the time, Grover took to X to say, “I don’t understand RBI.Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia @nsitharaman @PMOIndia need to step in.” The formet CEO and founder of BharatPe, said, “Startups have been biggest creators of market cap and employment in last decade. Today IIM and IIT are struggling to place people – we as a country cannot afford such overreach ! Tom-Tom-Ing @UPI_NPCI to the world and punishing pioneers in the space is pure ‘Doglapan’!”
Grover has hit out again, this time specifically directing his barbs and criticism at RBI, criticising the Reserve Bank of India for what he calls “punitive action” against Paytm Payments Bank. In an interview with MirrorNow, Grover called RBI’s action an “overreach”, adding that the message being sent is that “banks are (systemically) important, but fintechs are not”.
Grover acknowledged the significance and impact of Paytm, stating, “Paytm is the father of all fintechs in India. If it didn’t exist, BharatPe wouldn’t have existed.”
According to Grover, regulatory scepticism and consequent actions are a result of the traditional beliefs of the “60-year-olds” at RBI, who may not fully trust individuals from a computer or programming background to effectively run complex systems.