VSS buys Paytm shares worth Rs 11 Cr💸, Citymall lays off 191🛍️, ONDC partners with Nabard🌱
Vijay Shekhar Sharma buys 1.7 lakh shares of Paytm, Citymall lays off 191 workers, ONDC partners with Nabard, Funding Deals and more.
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Vijay Shekhar Sharma buys 1.7 lakh shares of Paytm worth Rs 11 crore💸
Digital financial services firm One97 Communications’ Managing Director Vijay Shekhar Sharma has purchased 1.7 lakh shares of the company worth Rs 11 crore, according to a regulatory filing.
The disclosures from the company, which operates under Paytm brand, show that Sharma bought the shares on May 30-31. On May 30, Sharma bought 1,00,552 shares worth Rs 6.31 crore and on May 31, he bought 71,469 shares worth Rs 4.68 crore.
As per regulations, Sharma was not allowed to buy shares for at least six months being a selling shareholder in Paytm's IPO and now, with that restriction being over, he has purchased shares of Paytm.
Citymall lays off 191 workers, three months after raising $75 million🛍️
Social commerce startup Citymall said it has fired 191 employees to align its “evolving business model and the current business environment”.
On Sunday evening, the company posted on LinkedIn that it has decided to lay off a portion of its staff after exploring several options. Citymall said it realised certain roles at the company had to be dissolved to adapt to the current environment.
The company, which raised $75 million in March, is the latest startup to sack employees in recent months. Meesho, Cars24, Unacademy and others have fired more than 4,000 employees over the past two months to cut costs and conserve cash.
Hot Shorts⚡
Payment solutions startup PayGlocal has raised $12 million in a new round of funding co-led by Tiger Global and Sequoia Capital India.
FanClash, an Indian esports fantasy start-up, has raised $40 million in Series B funding from Matic Networks (Polygon) and existing investors Sequoia Capital India, Falcon Edge and Info Edge India.
CanbankVC and two high-net-worth individuals (HNIs) have invested $1 million in Koovers, a business-to-business (B2B) automotive supplies platform.
Gullak, a Bengaluru-based savings and investment app said it has raised Rs 10 crore in a funding round led by Better Capital and Stellaris Venture Partners.
➡️ Check out our LinkedIn space for more on the funding deals.
ONDC partners with Nabard to activate ecommerce in agri-tech🌱
The newly minted Open Network for Digital Commerce (ONDC) is working to activate ecommerce in the agriculture domain in partnership with National Bank for Agriculture and Rural Development (Nabard).
As one of the first initiatives to drive ONDC enablement in the domain, ONDC and Nabard have come together to host the Nabard-ONDC Grand Challenge, which aims to establish market linkages for the enabled players with market ready Farmers Producers Organisations (FPOs) in the country.
More than 400 entities have registered for the challenge, including around 250 agri-tech startups while 150 are non-agri-tech startups, ONDC chief executive T Koshy told.
He explained that the startups will be given two challenges: to integrate existing agri-tech ecommerce players with the ONDC network; and to build innovative solutions that may accelerate adoption of the network.
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