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Paytm expands international flight ticketing with new partnerships

Paytm is partnering with skyscanner, wego, and googleflights to expand its travel services..

Monday June 24, 2024 , 2 min Read

One 97 Communications Limited (OCL), the parent company of Paytm , has witnessed significant growth in its travel segment driven by partnerships with global travel aggregators such as Skyscanner, Google Flights, and Wego.

Paytm said it has expanded travel offerings with an emphasis on international flight ticketing through these partnerships. Paytm has also onboarded airlines like Cambodia Angkor Air, Oman-based SalamAir, and FlyDubai to provide further selection to international flyers.

As the second-largest OTA in train bookings,  Paytm  said it continues to enhance customer experience with features such as guaranteed seat assistance and easy tatkal bookings, making train travel convenient and accessible for all users.

The financial services firm said the introduction of a free cancellation service has seen high growth in its train and bus bookings, followed by flights.

“We are committed to expand our travel business offerings and enhancing the overall customer experience. Our partnership with global travel aggregators and leading airlines, combined with the integration of artificial intelligence, underscore our dedication to providing seamless, convenient, and competitive travel solutions. As we continue to innovate and grow, we aim to deliver exceptional value and a superior travel experience to our customers,” a Paytm spokesperson said.

According to the company, in Q4'24, Paytm's flight bookings grew by approximately 19%, while international ticket bookings saw a nearly 15% rise year-on-year in April.

International tourism receipts reached $1.4 trillion in 2023, according to preliminary estimates by the United Nations World Tourism Organisation.

Last week, food delivery unicorn  Zomato  said it is in discussions with Paytm to acquire its movies and ticketing business .

"The above discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses currently," Zomato said in a regulatory filing.

"The company routinely explores various strategic opportunities aimed at enhancing shareholder value. The potential transfer of Paytm’s entertainment business, a component of our marketing services, is one opportunity under consideration," Paytm parent One97 parent said in a statement.

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Paytm’s Latest Moves in Travel – India Report

Bulbul Dhawan , Skift

July 17th, 2024 at 11:00 PM EDT

Paytm is a major fintech player in India and has a strong user base in smaller towns of India. This user base gives it a slight advantage over other OTAs. 

Bulbul Dhawan

Skift is bringing its thought-leadership events to Delhi on March 20-21, 2024

Paytm started as a financial services company in India, but is now diversifying its revenue streams, with a special focus on travel. The fintech company often refers to itself as an online travel agency and is looking at travel as a core business segment.

In the latest move to enhance its travel offerings, Paytm has entered into a strategic partnership with German intercity bus services company FlixBus, which entered India in February this year.  

Becoming an OTA?  Officially, Paytm is still a “mobile payments and financial services distribution company,” with a mission to bring 500 million Indians to the mainstream economy using technology.

However, after its payments bank (which overlooked the payments wallet, customer accounts, and fixed deposits) was closed earlier this year by India’s central bank, the Reserve Bank of India, the fintech player has been looking at alternative sources of revenue, with travel being one of them.

On the Paytm’s website , Paytm Travel is the first segment to appear, letting customers book flight, bus, or train tickets.

Paytm’s chief business officer Vikash Jalan stressed travel in his statement on the partnership with FlixBus: “As a leading travel aggregator , we are committed to enhancing the overall travel experience in India. Our partnership with FlixBus marks a significant step forward in this mission, directly aligning with our core business objectives to drive growth in the travel sector.”

Last month, Paytm announced its partnership with travel aggregators Skyscanner, Google Flights, and Wego. The move had followed a 19% annual increase in flight bookings on Paytm in the January-March quarter this year.

It recently added features such as guaranteed seat assistance to its train booking segment, and partnered with Samsung to offer flight and bus ticket bookings through Samsung wallet. 

Its travel division has also brought on board three new airlines to its selection – Cambodia Angkor Air, SalamAir, and FlyDubai.

Importance of Paytm: Paytm played a crucial role in India’s digital economy, especially after the demonetization in November 2016, in which the Indian government discontinued the INR 500 and 1,000 cash notes to curb the issue of counterfeit currency. The move led to a boost in digital payments in India and Paytm got the first mover’s advantage in QR-based mobile payments using its payment wallet.

Paytm’s user base increased from about 140 million in October 2016 to 270 million a year later, reaching more remote parts of the country. 

This user base of smaller towns in India makes Paytm a crucial player, giving it a slight advantage over other OTAs. 

Surge in Visa Applications for France Before Paris Olympics

Online visa platform Atlys has seen a 60% surge in visa applications for France from Indian travelers ahead of the Summer Olympic Games in Paris. Applicants from metro cities including Delhi, Mumbai, and Bangalore hold the largest share. 

There has also been a 45% increase in group visa applications as Indians are planning to travel to the Olympics with their families and friends. 

Sports tourism is on a rise in India, as Skift previously reported . Indian online travel companies have been witnessing up to 40% increase in demand for global sporting events, including tennis tournaments, the cricket World Cup series, Olympic Games, and F1. 

Atlys has also seen a 50% surge in sports tourism-related queries, with travelers also seeking to visit French sports venues like Stade de France and Stade Roland Garros. 

Mumbai Airport Records 7% Growth in Passenger Traffic

The Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai recorded a footfall of more than 13.4 million passengers between April and June 2024. This marked a 7% increase over the same quarter last year. 

In May alone, the airport catered to 4.7 million passengers, CSMIA shared in a statement. Mumbai is the second-busiest airport in India, after Delhi. 

Among domestic markets, Delhi, Bangalore, and Hyderabad were the top three destinations for passengers traveling from Mumbai. Internationally, most passengers traveled to Dubai, Singapore, and London. 

Indian airlines IndiGo, Air India, and Vistara held the highest market share in domestic and international traffic at the airport during the quarter, CSMIA shared. 

Air India Partners With The Bicester Collection

Full-service airline Air India has partnered with luxury shopping destinations business The Bicester Collection. The partnership will allow members of Air India’s loyalty program Flying Returns to accumulate reward points on shopping and dining at The Bicester Collection’s open-air villages in Europe. 

“The demand for luxury shopping among Indians continues to boom at record pace, with Indians now being counted amongst the highest spenders during their travels across the world,” said Air India head of marketing, loyalty and e-commerce Sunil Suresh.

During the 2023-24 financial year, Indians spent $31.7 billion, reaching a new peak in overseas spending . Of this, 54% or $17 billion was on international travel, marking a 25% increase from the previous year. 

Radisson Opens Grand Mirage Dhanbad in Jharkhand

Radisson Hotel Group has opened Grand Mirage Dhanbad, a member of Radisson Individuals, in Jharkhand. The hotel features 70 rooms and suites. 

The property is a part of Radisson’s strategy to focus on the tier 2 and 3 cities in India for its expansion, as more than 50% of its 180-hotel portfolio is located in smaller cities. 

Executive vice president and global chief development officer Elie Younes also shared this with Skift earlier this year, saying, “Our expansion plans for 2024 are ambitious, focusing not only on major metropolitan cities but also targeting Tier 2 and Tier 3 towns to cater to the growing demand in these markets.”

Radisson operates 10 brands in India, including recently launched Radisson Collection, Radisson Individuals, and its extension Radisson Individuals Retreats.

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Tags: air india , air traffic control , fintech , flixbus , indigo airlines , loyalty , mumbai , online , online travel agencies , radisson , visa , visas , vistara

Photo credit: The fintech company often refers to itself as an online travel agency. Edeltravel_ / Pixabay

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Paytm eyes expansion in travel, ties up with Skyscanner & Google Flights

The firm recorded a 19 per cent year-on-year increase in flight bookings on the platform in q4fy24.

The Noida-based firm also on-boarded three new international carriers such as Cambodia Angkor Air, SalamAir, and FlyDubai. (Photo: Reuters)

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First Published: Jun 24 2024 | 2:54 PM IST

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Paytm sells movie ticketing business to zomato for $244 million.

Zomato, the Indian food delivery giant, has acquired the entertainment ticketing business of financial services firm Paytm for $244.1 million, signaling a strategic move to expand its "going out" offerings.

The acquisition, among the largest M&A deals among new-age Indian tech companies, includes Paytm's ticketing services for movies, sports and events. As part of the deal, Paytm's flagship app will continue to host these offerings for up to 12 months and 280 of its employees will join Zomato, the companies said.

Like food delivery, the new business operates in a duopoly, with Reliance-backed BookMyShow controlling three-fourths of online movie ticketing and over half of online event ticketing, and the rest is with Paytm, according to Jefferies.

The acquisition coincides with a remarkable performance in Zomato's stock market value with shares soaring over 100% this year as the food delivery giant's quick commerce business makes deeper inroads in India .

Brokerage firm UBS said this week that it now values Blinkit, Zomato's quick commerce service, at $15.4 billion, ahead of the Noida headquartered firm's core food delivery business.

Zomato, which ended trading Wednesday at $27.3 billion market cap, has about $1.5 billion cash on its balance sheet.

The acquisition also aligns with Zomato's broader strategy to diversify its services, Bank of America analysts said. The move could significantly bolster Zomato's ambitions to become a one-stop destination for dining and entertainment options, they wrote in a note.

"The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment," Zomato founder and chief executive Deepinder Goyal said in a statement. "It makes us more relevant for our customers which also gives us an opportunity to spin-off the business into a new app (we are going to call it District) which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment."

Meanwhile, Paytm has been refocusing its efforts on its core fintech operations amid increased regulatory scrutiny . The company's ticketing division, which was built through the acquisitions of Insider.in and TicketNew, contributed about 9% to Paytm's overall revenues in the recent quarter and 4% to FY24 net revenues. Paytm acquired Insider.in and TicketNew for a sum of about $32 million.

"Paytm’s move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution," Paytm said in a stock exchange filing.

Paytm Gets India’s Blessing to Invest in Payment Services Unit

Paytm won approval from India’s finance ministry to invest in its payment services operation.

The company announced the approval Wednesday (Aug. 28) in a disclosure posted to its website. Paytm has faced scrutiny this year after being ordered to close its payments bank in January.

Paytm said it will now apply with the finance ministry to get back its payment services license.

“We remain committed to a compliance-first approach and upholding the highest regulatory standards,” the company said in its letter. “As a homegrown Indian company, Paytm is focused on contributing to and advancing the Indian financial ecosystem.”

Paytm has been struggling since the Reserve Bank of India (RBI) — the country’s banking regulator and central bank — suspended business at Paytm Payments Bank, which had processed much of Paytm’s payments.

The RBI made the move after an audit uncovered “persistent noncompliances and continued material supervisory concerns ,” although the regulator had been warning for years about the questionable relationship between Paytm and its banking arm.

Last month, Paytm reported that its operating revenue slipped again in the quarter ending in June as it continued to wrestle with regulatory issues.

Operating revenue fell from 19.8 billion rupees (about $236 million) in the last quarter to 15 billion rupees (about $179 million). That was down from 23.4 billion rupees (about $279 million) in the same period a year ago.

“The full financial impact of the recent disruptions was seen during this quarter,” Paytm said in an article on its website. “With green shoots visible across — growth in merchant payment operating metrics, gross merchandise value (GMV), accelerated merchant reactivation and an expanding merchant base, coupled with our continued focus on cost optimization — we remain optimistic about our revenue and profitability improvement.”

This year saw Paytm lose ground on India’s Unified Payments Interface (UPI) to the likes of Google Pay and the Walmart -backed PhonePe .

These companies are competing for consumer attention in a country that has been on a digital payments journey for the past 15 years, PYMNTS wrote in late 2023. PYMNTS Intelligence research showed that digital wallets are now the preferred payment method for more than half of all retail purchases in India, with 8 in 10 digital wallet users opting for UPI.

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India markets regulator pulls up Paytm founder, director on IPO breaches

Paytm-india-sebi:india markets regulator pulls up paytm founder, director on ipo breaches, moneycontrol reports (aug. 26).

BENGALURU -India's markets regulator has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and other board members who held roles during the firm's November 2021 IPO over alleged misrepresentation of facts, Moneycontrol reported on Monday.

The issue revolves around whether Sharma should have been classified as a large shareholder who can influence company decision, rather than an employee, when Paytm filed its IPO papers, the report said, citing two people aware of the matter.

SEBI has questioned directors at the time for backing Sharma's view of not being a large shareholder, the report said.

Sharma is classified as a public shareholder, not a large shareholder, according to exchange data, which also says Paytm has no investors categorised as "large shareholders."

"The company is in regular communication with the SEBI and making necessary representations regarding this matter," Paytm said, adding it has already disclosed the notice in its quarterly earnings filing.

According to company disclosures, SEBI alleged that grant of 21 million employee stock options to Sharma were in violation of its rules on grant of shares-based employee benefits.

As per Indian rules, large shareholders with ability to influence company decisions cannot hold ESOPs.

The SEBI did not respond to Reuters requests for comment.

Paytm shares fell as much as 8.9% after the report. They pared some losses to close down 4.4%.

SEBI was planning to change its rules to address concerns around founders and family members of tech or app-based startups owning shares under the employee stock ownership plan, Reuters reported in March 2023.

This alleged non-compliance allowed Sharma to receive Paytm shares through ESOPs, Reuters reported. SEBI is not in favour of founders owning stock options if they have rights similar to big shareholders, also called promoters.

Sharma owned a 14.7% stake in Paytm a year before filing to go public in 2021 but reduced his shareholding to 9.1% by transferring 30.97 million shares to Axis Trustee Services, acting on behalf of the Sharma family trust in 2021, making him eligible to receive shares under ESOP.

A shareholder with more than a 10% stake in any publicly listed company is not eligible to receive stock options.

This article was generated from an automated news agency feed without modifications to text.

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Paytm Gets FDI Approval For Payment Services; To Re-apply For PA Licence

Reported By : Namit Singh Sengar

Last Updated: August 28, 2024, 17:58 IST

New Delhi, India

Paytm Payment Services

Paytm Payment Services will now resubmit the PA license application.

Fintech firm One97 Communications, the owner of Paytm brand, has received the government’s approval for downstream investment in wholly owned subsidiary Paytm Payments Services.

Paytm has been under scrutiny after the RBI ordered it to wind down its payments bank in January.

With the latest approval, the company will resubmit an application with the ministry to regain a licence for its payments services business, Paytm said in a regulatory filing on Wednesday.

In the meantime, Paytm Payment Services will continue to provide online payment aggregation services to existing partners, the company said.

“This is in furtherance to our letter dated February 12, 2024, regarding the application of Paytm Payments Services Limited (PPSL), a wholly owned subsidiary of One 97 Communications Limited (OCL or the Company), for a payment aggregator (PA) licence,” the company informed in a regulatory filing.

“We would like to inform you that PPSL has received approval from the Government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the Company into PPSL. With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners.”

Why Re-submit of PA Licence Application?

The Reserve Bank of India (RBI) had rejected Paytm’s PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under foreign direct investment norms.

As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

At the time of application rejection, China’s Alibaba Group was the biggest stakeholder in the company.

The RBI’s PA guidelines also state that a single entity cannot continue to provide an e-commerce marketplace along with payment aggregator services and such payment aggregator services must be separated from the e-commerce marketplace business.

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Paytm Says No New SEBI Notice, Already Disclosed in Its Annual Financial Results

Company has already addressed the matter through preliminary response, and is in regular communication with sebi, making necessary representations regarding on the matter independent legal opinion obtained by management states compliance with the relevant regulations company affirms its commitment to compliance and transparency  .

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Stocks to Watch: IndiGo, Paytm, RIL, Tata Motors DVR, Adani Ports, and more

Here’s a quick look at stocks likely to be in focus in today's trade..

InterGlobe Aviation (IndiGo): Rakesh Gangwal, co-founder of IndiGo, is set to sell up to 14.7 million shares, equivalent to a 3.8% stake, in InterGlobe Aviation Ltd through a block deal. The sale is valued at approximately $804 million, with a floor price of ₹ 4,593 per share, reflecting a 5.5% discount to the previous day's closing price. This move will reduce the Gangwal-backed promoter group's stake in the airline from 19.38% to 15.58%.

One97 Communications ( Paytm ): Paytm Payments Services Ltd (PPSL) received approval from the finance ministry for a downstream investment by its parent company, allowing it to reapply for a payments aggregator license. This development comes as a relief amidst ongoing regulatory scrutiny. PPSL will continue providing online payment aggregation services to existing partners while resubmitting its application.

Finolex Cables : The National Company Law Appellate Tribunal (NCLAT) upheld the decision of Finolex Cables Ltd.’s shareholders, who voted against the reappointment of former executive chairman Deepak Chhabria at last year's annual general meeting (AGM). The NCLAT's judgment confirms the validity of the shareholders' decision from the September 2023 AGM.

Adani Ports and Special Economic Zones (APSEZ): APSEZ announced plans to establish a two-million-tonne cement grinding unit in Guna and a propellant production facility in Shivpuri, Madhya Pradesh. The total investment for these projects is pegged at ₹ 3,500 crore, marking a significant expansion for the Adani Group's infrastructure and manufacturing capabilities.

Reliance Industries (RIL): The Competition Commission of India (CCI) has approved the merger between Disney Star, a unit of The Walt Disney Company, and Reliance Industries-controlled Viacom18, with some voluntary modifications. This merger, one of the largest in India's media and entertainment sector, will create an $8.5 billion entertainment network. Also the company has its Annual Genneral Meeting today.

Tata Motors DVR : Trading in Tata Motors' Differential Voting Rights (DVR) shares will cease after market hours on Friday, August 29, due to the conversion of DVR shares into ordinary shares. The conversion plan will result in the cancellation of DVR shares, with shareholders receiving 7 ordinary shares for every 10 DVR shares held.

PB Fintech (PolicyBazaar): Tencent is reportedly selling a 2.1% stake in PB Fintech through a block deal valued at ₹ 1,610 crore. The floor price is set at ₹ 1,660.2 per share, representing a 4.4% discount to the last closing price. Tencent held a 4.6% stake in Policybazaar's parent company as of June 30, 2024.

Tata Steel : Moody's has maintained a stable outlook on Tata Steel, expecting the company to improve its earnings over the next two financial years. Moody’s projects Tata Steel’s consolidated EBITDA to increase from ₹ 241 billion in FY24 to ₹ 290 billion in FY25 and ₹ 380 billion in FY26. Additionally, the company acquired 178.34 crore ordinary equity shares in T Steel Holdings Pte (TSHP) for $280 million ( ₹ 2,347.81 crore).

Vodafone Idea : Vodafone Idea's CEO, Akshaya Moondra, stated during the company's 29th annual general meeting (AGM) that it will take some time before the company begins reducing its debt. He explained that debt reduction would only be possible when the company's cash EBITDA surpasses both financing costs and capital expenditures. Moondra highlighted that improving the company's performance is a key focus as they work towards this goal.

Vedanta : Vedanta's Board of Directors is set to consider the third interim dividend for FY25 during a meeting scheduled for September 2, 2024. The company announced this in an exchange filing, indicating that the board will discuss and potentially approve the interim dividend on equity shares for the financial year 2024-25.

Procter & Gamble Hygiene and Health Care : Procter & Gamble Hygiene and Health Care (PGHH) reported a significant 46.40% drop in its net profit for the June quarter of 2024, with earnings standing at ₹ 81.06 crore. The decline is attributed to increased spending during the period. The company, which operates on a July-June financial year, had posted a profit after tax of ₹ 151.24 crore in the same quarter of the previous fiscal year.

KEC International : Infrastructure company KEC International has secured new orders worth ₹ 1,171 crore in its Transmission and Distribution business, which includes projects for constructing transmission lines in the UAE and Saudi Arabia.

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