Wall Street Firm Citadel Securities Courts AI Startups for Trading EdgeRead more

Paytm CEO Vijay Shekhar Sharma. Photo: Bloomberg

Once-Dominant Paytm Stalls in India

Photo: Paytm CEO Vijay Shekhar Sharma. Photo: Bloomberg

Last July, at a SoftBank conference in Tokyo, CEO Masayoshi Son brought on stage Vijay Shekhar Sharma, the founder of Indian startup Paytm. Son described Paytm as the “uncontested No. 1” payment service in India. SoftBank had invested $1.4 billion in the startup, helping to fuel India’s mobile payment boom a few years ago. 

But by the time Son singled out Sharma for praise, Paytm had already begun to lose its tight grip on India’s $65 billion mobile payments market. Over the past two years, rival Google’s payment service grew rapidly in the country after the Indian government launched an open-source payment system that made it easier for the U.S. giant to compete in the market. In December, the number of Paytm users who made at least one payment during the month declined to less than 40 million, from about 45 million a year earlier, according to people with knowledge of the figures.

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
CareRev co-founder Will Patterson stepped down as CEO last week. Art by Clark Miller
Exclusive startups venture capital
A Long, Strange Trip for the ‘Uber for Nurses’
Will Patterson was on a hot streak. As the co-founder and CEO of CareRev—a gig-work platform sometimes described as an “Uber for nurses”—he saw his company’s business surge during the pandemic as hospitals and clinics scrambled to find healthcare workers.
A Thursday Night Football game between the Jacksonville Jaguars and the New York Jets. Photo by Getty.
Exclusive amazon entertainment
How Amazon Misread the NFL Ad Market
Last summer, advertising representatives for a national pizza chain in the U.S. met with Amazon ad executives to negotiate a potential sponsorship deal for Amazon Prime Video’s broadcast of “Thursday Night Football.” Amazon executives asked the pizza chain for commitments of up to $12 million for the full season, double what the chain wanted to spend, said a person with direct knowledge of the matter.
Adam D'Angelo photograph by Ko Sasaki. Art by Clark Miller
The 1:1 ai
Adam D’Angelo’s Endless Quest to Answer Everything
Adam D’Angelo is basking in an “ endless summer ” of artificial intelligence. A few weeks before he and 350 industry peers released a bizarre, one-line statement warning that AI could herald a nuclear-level extinction event, the 38-year-old co-founder of Quora told me he actually sees more upside in AI than downside.
The Port of Los Angeles, where Next Trucking has a significant presence. Photo by David McNew/Getty Images.
Exclusive startups Finance
Logistics Startup Next Trucking Tries to Sell Itself
Sequoia Capital–backed logistics startup Next Trucking, facing a slowdown in the trucking sector, is trying to sell itself, according to people familiar with the matter and a pitch deck reviewed by The Information.
Jonah Peretti. Photo by Getty.
Exclusive media/telecom
BuzzFeed Considers Sale of Complex Networks
BuzzFeed is exploring a potential sale of Complex Networks, a digital media firm it acquired when going public in late 2021 for nearly $300 million, according to people familiar with the matter.
Microsoft CEO Satya Nadella. Photo: Getty.
Exclusive microsoft
Microsoft Is Charging Some Office 365 Customers 40% Extra to Test AI Features
Microsoft and other software companies that recently launched artificial intelligence features now face the hard part: getting customers to pay for the features, which are costly to operate.