PAI Platform Private Limited (earlier known as Paytm Ecommerce Pvt Ltd) bought Innobits Solutions Private Limited, the parent entity of Bitsila
With this buyout, PAI aims to grow seller availability on the ONDC network by tapping millions of sellers on the platform
It may be noted that the publicly listed One97 Communications Limited (OCL) has no direct or indirect shareholding in PAI Platforms Private Limited
At a time when Paytm is reeling under crisis after regulatory action by the Reserve Bank of India (RBI), the fintech major has acquired Bitsila to bolster its presence in the Open Network for Digital Commerce (ONDC) space, as per Inc42 sources.
Paytm Ecommerce Private Limited, which has now been renamed to PAI Platform Private Limited, has bought Innobits Solutions Private Limited, the parent entity of ONDC seller firm Bitsila. Members’ of Paytm Ecommerce board had passed the resolution to change the name to Pai Platforms on January 15, 2024, regulatory filings show.