The company’s 80 per cent business still comes from recharge and bill payment
Mobile commerce firm Paytm has announced that it will touch $1 billion gross merchandise value (GMV) by March next year owing to increasing smartphone penetration and traction of customers in the e-commerce sites, as per a PTI report.
"We believe by the end of current fiscal, we should be crossing $1 billion GMV," Paytm Chairman and MD Vijay Shekhar Sharma told PTI.
The PTI report further mentioned that the company has crossed $600 million GMV. The company’s 80 per cent business still comes from recharge and bill payment and the rest 20 per cent comes from off selling.
"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 told PTI.
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 plans to increase the user base to 26 million by the end of this year from the current user base of 22 million.
The digital commerce market at the end of December 2013 grew to Rs 62,967 crore, according to an industry body report by IAMAI.
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