Paytm's Vijay Shekhar Sharma backed Pai Platforms launches 'PaiPai' ONDC app
The launch of the app comes two months after Paytm E-commerce Private Limited rebranded as Pai Platforms and acquired ONDC seller-side platform, Bitsila.
Pai Platforms, backed by Paytm’s Vijay Shekhar Sharma has launched a shopping app on the Open Network for Digital Commerce (ONDC).
The PaiPai app has been developed by Paytm’s parent One97 Communications. Paytm itself does not own any shares in Pai Platforms, moneycontrol reported.
The launch of the app comes two months after Paytm E-commerce Private Limited rebranded as Pai Platforms and acquired ONDC seller-side platform, Bitsila.
Pai Platforms is not the first fintech to do this. PhonPe, a rival of Paytm’s too launched Pincode, an app on ONDC last year.
Moneycontrol reported that Paytm’s decision to separate its fintech and e-commerce businesses could be the outcome of the RBI’s action on the fintech company in the last few months.
Paytm's Sharma at an event last year said, "Commerce is a natural extension for us. We are committing to sign up at least 10 million merchants on ONDC before 2025 ends.”
He added that 11.8 million users had shopped on ONDC using Paytm.
"This means that ONDC has already become a significant player in e-commerce. There are around 50 million e-commerce users in India and over a fifth are already on ONDC," he said.
Paytm has previously had a bad experience with e-commerce, when it launched Paytm Mall. The company had raised $400 million from investors including Alibaba and SoftBank at a $2 billion valuation in 2018. The whole thing crashed in 2022, when Alibaba sold its entire stake in the company for Rs.100 crore.
