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The matter relates to Paytm’s December 6, 2023 announcement that it would reduce the distribution of personal loans below Rs 50,000, particularly its postpaid loans.
In this edition, we unpack Paytm's renewed Postpaid push and what has changed since its heyday; and what Sarvam AI's appointment of frontier AI researcher Devendra Chaplot signals...
Paytm also approved the grant of 15.42 lakh stock options under its ESOP 2019 scheme.
The move comes less than three months after the Reserve Bank of India formally cancelled Paytm Payments Bank's licence.
Goldman Sachs, Societe Generale, and Citigroup Global Markets were major participants in the block deal, collectively acquiring a 1.34% stake in Paytm.
The Reserve Bank of India has cancelled the licence of Paytm Payments Bank, bringing a long-running regulatory standoff to an end.
The RBI, in its note, said the "general character of the management of the bank is prejudicial to the interest of depositors as also the public interest."
This comes as employee stock options at Paytm have been under regulatory scrutiny over the past year.
In October, The Head and Tale exclusively reported that the Paytm was facing regulatory roadblocks in the UAE, particularly in securing payments licence.
In this edition, we look at how Paytm's investor ledger is the most powerful case study; and how VCs are chasing a new segment in the AI space, thanks to Dunzo's Kabeer Biswas.
The venture capital firm continues to hold over a 13% stake, which is valued at over Rs 11,000 crore, in Paytm.
Paytm had applied to the Central Bank of the UAE for two licences — one covering acquiring and domestic payments, and another for a wallet-type product.
Paytm has also approved the transfer of its offline merchant payments business to its wholly-owned subsidiary, Paytm Payments Services Ltd.
The approval comes barely a week after Ant Group's Antfin, backed by Chinese giant Alibaba, offloaded its entire 5.84% stake in Paytm.
Meanwhile, the company has appointed Urvashi Sahai, general counsel and senior vice president-legal, as a new board member.
The Vijay Shekhar Sharma-led company had last posted a profit in the July-September quarter of 2024 helped by a one-time gain from the sale of its ticketing business.
The appointment marks another quick leadership transition for Paytm Money, as current CEO Rakesh Singh had assumed the role just last year.
Sharma also said that companies will have to start using AI as an employee or even as a CEO.
Nearly 10-15 senior executives—at the AVP, VP, and SVP levels—have been let go from Paytm Payments Services Limited, which is still awaiting its final PA licence from the RBI.
Razorpay, Cashfree, Paytm, and PhonePe are taking control back, ditching third-party routers. But what about merchants—are they embracing the change or caught in the chaos?
