Posts Tagged with “paytm”
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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Paytm Mall to splurge Rs 1,000 cr, mostly to offer discounts this festival season, say reports
Paytm Mall
Paytm Mall : The competition in the online shopping space in India is likely to heat up this festival season with one more player planning to splurge in order to woo customers.
According to media reports, Alibaba-backed Paytm Mall is planning to spend about Rs 1,000 crore this festive season, giving a tight competition to domestic e-commerce stalwarts Amazon and Flipkart.
According to a report in The Times of India, the amount earmarked will be utilised for marketing, cashbacks and promotions. It says, however, most of it will be spent on discounts.
Another report in The Economic Times notes that the amount to be spent is three-fold over last year’s expense of about Rs 300 crore by Amazon India, Flipkart and Snapdeal . This year, although New Delhi-based troubled etailer Snapdeal is not in the fray, Paytm Mall will more than compensate for it. It is to be remembered that this will be the first festival season of Paytm Mall, which was spun off into a separate app in April this year.
According to the report, the company is planning to add about 5,000 branded stores to its platform ahead of festival season sales.
“This festive season, while online retailers will focus on spending money and taking away business from shops in the neighborhood, we will work with them and bring special offers for consumers to shop from their nearby markets by enabling these shopkeepers with mobile technology,” Amit Sinha, COO, Paytm Mall, has been quoted as saying in the report.
The company owned by Paytm Ecommerce recently refreshed its app featuring 1,000 brand stores and 15,000 brand- authorised retailers selling over 65 million products.
Its aim is to clock a gross merchandise value (GMV) run rate of $4 billion by the end of March next year on the back of strong growth in transactions on its platform.
The e-commerce firm expects strong demand in categories like electronics, appliances, FMCG and fashion to drive its growth.
The brands the company is looking at include Apple, Samsung, HP, Lenovo, JBL, Philips, Puma, Allen Solly, Lee, Pepe, Levi’s, Fossil and Vero Moda, among others, to drive growth.
However, analysts quoted in the ET report feel Paytm Mall may find it difficult to make a mark in fashion and retail even as consumer electronics and appliances may not be a major issue.
With all the players drawing up strategies to attract consumers, buyers can definitely expect a great festival season ahead with mouth-watering discounts.
Source : FirstPost
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Paytm Mall Set to Hire 2,000 Employees This Year in Business Expansion
Online shopping platform Paytm Mall is set to hire nearly 2,000 new personnel across various business and tech roles to effectively scale its operations.
