PTI | New Delhi, May 16 |
Publicly listed One 97 Communications Limited has no direct or indirect shareholding in Paytm Mall’s parent entity PEPL
Paytm E-commerce Private Limited (PEPL), the parent entity of Paytm Mall, on Sunday announced that it will pivot to Open Network for Digital Commerce (ONDC) as its primary focus and explore opportunities in exports business in place of traditional physical goods e-commerce.
This move enables the company to create a long-term sustainable business in partnership with ONDC, which aims to democratise the purchase and sale of goods in the Indian market, driving transparency and digital independence for small businesses in the country.
Publicly listed One 97 Communications Limited (OCL) has no direct or indirect shareholding in Paytm Mall’s parent entity (PEPL). PEPL is not a part of the OCL group, though PEPL uses the Paytm brand and receives services from OCL.
Paytm Mall spokesperson said, “We are set to build on the revolutionary ONDC program by the Government of India to drive online commerce in India. We also plan to explore opportunities in the export market. We are grateful for the support of our investors and look forward to driving sustainable growth.”
As part of the shift in the business direction of the company, PEPL also sees the exit of early investors Alibaba and Ant Group. Paytm Mall is confident of its new strategy and roadmap with the continuing support of other existing shareholders.