The odds are stacked against Paytm. In every business segment, Paytm founder Vijay Shekhar Sharma is fighting against multiple, focussed players and with cash burning capacity. Sustenance is becoming a question, forget leadership in its markets.
Apart from the Rs 3 crore remuneration, Sharma will also be entitled to perquisites that include heads like vehicles, fuel expenses, accomodation, travel expenses, amongst others.
Asked if more funds would be pumped into Paytm Mall, Sharma said: "We have money in the bank, we have $260 million, so I would say that we can give more growth capital to it, so basically after a year, Paytm Mall would break even for sure".
Mounting losses and expansion into several business areas could derail India’s first profit-making payments bank. For mobile wallet Paytm, banking could be its best pathway to an IPO
The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn the cashbacks, he added.
The Paytm First Card will offer 1 percent cashback on all transactions, unlike reward points offered by most rival credit cards in India.
Dhawan, along with her husband Rupak Jain and an administration resource Devender Kumar, were arrested for allegedly being part of an extortion bid against Sharma in October.
Last month, her husband Rupak Jain's bail plea was rejected by the court.
Speaking on the sidelines of TiE Global Summit, Sharma said, "dominance in Japan is very important. It's a market that we believe, is at an inflection point because people have done lot of trials but led with card (credit/debit)...we believe we have a very high value proposition".
"The other accused can now use this order to make their bail appeals stronger," said a lawyer requesting anonymity.
The rest of the three accused, Sonia Dhawan, husband Rupak Jain and Devendra Kumar, are in judicial custody.
This is the second bail appeal filed by the family. The first was filed immediately after the arrest and was rejected by the court.
Dhawan, a long-time secretary of Vijay Shekhar Sharma and the vice president, corporate communications of the online payments firm, was arrested from Paytm's office in Noida in October.
Dhawan’s lawyer Prashant Tripathi said the company has realised that definitely there is something fishier
Dhawan, her husband Roopak Jain, and another Paytm employee Devendra Kumar were allegedly involved in the blackmailing
Ajay Shekhar Sharma, Senior Vice President at Paytm, told Moneycontrol that it all started around 11 am on September 20 when Vijay Shekhar Sharma, Paytm's founder received a call from a Thailand-based number while he was in Japan.
Berkshire Hathway and its subsidiaries so far have invested in sectors including manufacturing, insurance, utilities and energy, freight rail transport, finance and retail.
A senior government official told Moneycontrol that Tesla's proposal to set up a manufacturing base is under consideration.
It is currently targeting to launch its new app in the coming month
The co-founder of India's second most valued internet company is buying a property in Lutyens' Delhi, which houses the country's most influential individuals.
Paytm also expects to clock over 3X growth in number of train tickets booked through its platform this financial year
In Paytm Payments Bank, One97 Communications owns a 49 percent stake and Vijay Shekhar Sharma owns 51 percent.
Vijay Shekhar Sharma-led e-wallet firm Paytm has raised USD 1.4 billion from Softbank Group Corp making it one of the largest funding rounds in the wallets space in India
Paytm founder Vijay Shekhar Sharma said he takes the banking business very seriously and is looking at Rs 10,000 crore as starting capital for banking and financial services.
The deal, which could increase Paytm's valuation to $7 to $9 billion, will see SoftBank buying some shares from existing Paytm investor SAIF Partners and founder Vijay Shekhar Sharma beside investing money in the company, the report said.