The Centre had banned Shein, one of the world’s largest fashion retailers, from selling its products in India through its own app over two years back as part of a larger crackdown on Chinese apps following escalated border conflicts.
The Open Network for Digital Commerce (ONDC) plans to levy two kinds of fees to meet its costs in the long run, the non-profit company’s chief business officer Shireesh Joshi said.
So far, the gaming companies and their corresponding industry bodies have not reached a common understanding, sources said.
The Mumbai-based company has also set a window of 18-24 months to execute its planned Rs 600-crore initial public offering.
India remains a “bright spot” amid a period of unprecedented global uncertainty, where businesses are increasingly turning conservative, according to CEO Selipsky.
Paytm is also a part of ADIF, an industry body representing Indian startups, which is opposing Google’s implementation of its new in-app purchase billing system.
The Bengaluru-based company recorded $50 million in annual recurring revenue (ARR)—a key metric for software-as-a-service (SaaS) businesses—from about $20 million in 2021, according to two people familiar with the company’s performance.