Amidst a crisis in the payments bank sector, Paytm is in the final stages of acquiring Bitsila, an interoperable e-commerce startup, according to sources. Bitsila, based in Bengaluru, currently stands as the third-largest seller-side platform by transactions on the Open Network for Digital Commerce (ONDC). The deal is expected to close in the coming week, as reported by Money Control Portal.
As questions loom over the future of Paytm’s payments business amidst regulatory challenges, the fintech giant is making strides in finalizing the acquisition of Bitsila. Founded in 2020 by Dasharatham Bitla and Sooryah Pokkali, Bitsila had previously secured a pre-seed funding round from Antler India and Redbus founder Phanindra Sama.
Bitsila plays a crucial B2B role in ONDC as a seller-side app, facilitating the onboarding of small merchants onto the network.