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2015-03-16

Ratan Tata invests in mobile commerce platform Paytm

Paytm\'s ambition is to build 100 million wallets by this year end and they are already 25 Mn active wallets.

Ratan Tata, former chief of Tata Group has announced an undisclosed amount of investment in Noida-headquartered mobile internet firm One97 Communications Ltd, which runs Paytm, digital goods and mobile commerce platform.

"I am very happy that Ratan Tata has put faith and trust in our values and mission. There is no better advisor for Paytm on building India's most trusted mobile payment and commerce platform," said, Vijay Shekhar Sharma, Chairman and MD, One97 Communications Ltd.

The press release revealed that Paytm's ambition is to build 100 million wallets by this year end and they are already 25 Mn active wallets. Their average wallet balance is 150 and do one million transactions a day across Paytm app and other merchants (like Uber, BookMyShow etc).

"We are now doing $1 billion GMV from mobile app. This year our target is grow to $4Billiom GMV. Starting from mobile payments, Paytm wallet allows consumers to buy mobile recharges, tickets, deals and shop across 18,000 merchants," added, Sharma.

Headquartered in New Delhi, One97 has more than 1200 people with regional offices in Mumbai, Pune, Chennai, Bangalore and Kolkata with global presence in Africa, Europe, Middle East and Southeast Asia.

The company is backed by SAIF Partners, Intel Capital, Sapphire Ventures and Silicon Valley Bank. Moreover, One97 also invests in early stage mobile companies through the One97 Mobility Fund (OMF).

Paytm is available across many popular mobile apps (like Uber, Bookmyshow, MakeMyTrip and FoodPanda) as preferred payment method.

Paytm was recently honored with two awards for its cutting-edge technology and innovative products & services. Paytm bagged the 'Most Innovative Company of 2014' by Business Standard for their unique offerings in the payment and m-commerce space. The DCE Alumni Association also recently felicitated Vijay Shekha Sharma with the Distinguished DCE-DTU Alumni 'Trail Blazer Award'.
 

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