Paytm has refuted claims of reaching a finalized agreement to acquire Bitsila, a startup based in Bengaluru.

Paytm has denied intending to acquire the e-commerce startup Bitsila. The company firmly refuted the speculation, clarifying that there are no plans for such an acquisition.

Bitsila, established in 2020 by Dasharatham Bitla and Sooryah Pokkali, operates as a seller-side platform facilitating transactions on the Open Network for Digital Commerce (ONDC) in Bengaluru.

The fintech giant, Paytm, has faced regulatory scrutiny following the central bank's decision to halt its subsidiary from accepting new deposits after February 29. The Reserve Bank of India (RBI) cited "persistent non-compliance" as the reason for this action against Paytm Payments Bank. However, it emphasized that the regulatory measures are directed solely at the bank and do not affect the Paytm app.

RBI Deputy Governor Swaminathan J clarified during a media interaction after the Monetary Policy Committee meeting that the regulatory action pertains specifically to Paytm Payments Bank and does not impact the Paytm app's operations.

In response, a Paytm spokesperson reassured users and merchant partners that the Paytm app continues to function normally without any disruption. The spokesperson further affirmed that services such as Paytm QR, Soundbox, and card machines will remain operational as usual, underscoring the company's commitment to seamless payment solutions and financial inclusion across India.