Paytm to spend Rs 500 crore on marketing blitz

Paytm on Friday said it will spend Rs 500 crore on branding and marketing this year. As part of its plans, the company earmarked an outlay of Rs 50 crore to be spent during the ongoing IPL cricket matches. Paytm is an associate sponsor on Sony and is also the official partner of Mumbai Indians. Funds would be raised through internal accruals. “We have a marketing budget of Rs 500 crore for FY 2016, which would be used on offline brand development, on-line marketing initiatives and promos,” Paytm Senior Vice President Shankar Nath said.