Paytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining a share in the online retail business.
According to sources aware of the development, the company had applied for a name change around three months ago and received the approval from the Registrar of Companies on 8 February.
“… The name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited with effect from the date of this certificate… The company was originally incorporated with the name Paytm E-Commerce Private Limited,” according to a Registrar of Companies notification dated 8 February.
Elevation Capital is the largest shareholder in Paytm E-commerce. It is also backed by Paytm founder and CEO Vijay Shekhar Sharma, Softbank, and eBay.
Sources said the company has now acquired Innobits Solutions Pvt Ltd (Bitsila) which was launched in 2020 and operates as an ONDC seller platform with full-stack omnichannel and hyperlocal commerce capability.