Paytm : Rs 20,000 crore lined up, Paytm swears by India digital play
NEW DELHI: Paytm, with high-profile investors like SoftBank and Alibaba, has strained up a huge investment plan of Rs 20,000 crore. As the group enlarges its play into the digital payments, monetary services and e- commerce space in the country.
“In the last 2 years and the next three years, we would have invested Rs 18,000-20,000 crore. I don’t want to talk about profitability right now because we are still in an investment phase,” reporters were informed by the Vijay Shekhar Sharma who is Paytm founder and CEO
He was talking on the sidelines of the official launch of Paytm Payments Bank operations.
Paytm
which offers a mobile wallet, recharge, bill payment services, e-commerce (Paytm Mall) and ticketing services. Saw a enormous growth in its business after the government’s demonetisation drive in November last year. Paytm has 28 crore registered users, of which 18 million use Paytm wallet service.
Sharma said its platform processes about 250 crore transactions yearly value of Rs 80,000 crore.
“We expect this to grow to Rs 1 lakh crore by the end of the fiscal. The number of merchants on our platform will also touch 60 lakh in a few months,” he further informed.
Sharma also said The company, will spend Rs 5,000 crore over the next 2 years in its financial and payments services. Rs 1,700 crore have already been pumped in this year.
“Paytm is a contribution positive business. We are not profitable yet because we are investing in marketing, cloud and customer acquisition,” he added.
He further added that for the Payments Bank operations, the aim is to break even in the next 2 years.
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