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Mobile commerce firm Paytm targets $1-bn GMV by March

Mobile commerce firm Paytm targets $1-bn GMV by March
‘We believe by the end of current fiscal, we should be crossing $1 billion GMV,’ Paytm Chairman and Managing Director Vijay Shekhar Sharma said. He said growth drivers for the company are smartphone and Internet penetration, besides rising number of consumers opting for purchases from online shops. The company has already crossed $600 million GMV. The company, which started by offering mobile recharge and utility bill payments, now offers a full marketplace to consumers on its mobile application.

The company, however, still gets 80 per cent of its business from recharge and bill payments and the rest 20 per cent comes from off selling. Paytm is also raising $150 million to fund its growth plans which include increasing the employee strength to 3,600 by the end of next year.

‘We have offers that have gone upto $250 million...we still believe that our business model requires $150 million. So, right now we are raising $150 million,’ Sharma said.

He said the company plans to have 1 million merchants in the next two years and also add 2,000 employees by December 2015. The firm currently has 1,600 employees. Paytm has a user base of 22 million, which includes 15 million mobile wallet customers. It plans to increase the user base to 26 million by the end of this year.
PTI

PTI

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