Paytm: Sale in two-wheeler category crosses Rs. 100cr
Paytm's e-commerce platform Paytm Mall has crossed sales figures of Rs. 100 crore in the two-wheeler category, with over 3x quarter-on-quarter growth in the number of automobiles sold. After its launch in February 2016, the company, which has on offer Honda, Suzuki, Yamaha and more, sold 50,000 units that year. This time, it is aiming sale of over 500,000 units.
Vijay Shekhar Sharma
Vijay Shekhar Sharma is the founder of Indian e-commerce giant Paytm. Being born into a middle-class family in Uttar Pradesh, Sharma enrolled at Delhi College of Engineering at 15. After launching successful online ventures, Sharma's Paytm platform scripted massive success, with the company now worth over a billion dollars. Sharma attributes his biggest inspiration to Alibaba's Jack Ma and Softbank's Masayoshi Son.
Paytm's successful payments business
After launching Paytm's online wallet services in 2014, the company ventured into enabling online payment transactions for over 100 million users. Last year, the company had received licenses from the Reserve Bank of India to launch the country's first ever payments bank. The aim was to eventually transform India into a cashless economy.
Paytm clocking over 5 million transactions
Since the demonetization move, the online payments company has reported over five million transactions every day, with a robust growth curve for the company's numbers. The company reported that it saw a 700% hike in its customers and traffic on the portal after the high-value currency notes were abolished. This translated to a whopping 100% growth in the money value across Paytm accounts.
Looking forward: Sharma's future goals for India
"With this opportunity, people would need new bank accounts and with our payment bank licence we can easily do that. Now we need large distribution," said Sharma, on roping in 9,000 staff to help achieve his cashless India goals.
Paytm growing faster than expected
Paytm just announced the new 'App Password' feature for its android application; the feature allows users to lock their app using a PIN/password/biometrics to ensure account safety even if the phone is stolen. On another note, Paytm founder Vijay Shekhar Sharma sold 1% of his shares in One97 for Rs.325 crore. The money will be used to set-up the Paytm payments bank.
Paytm to expand its travel-business after selling 10 million tickets
Online payments and e-commerce marketplace, Paytm revealed its annual Gross Merchandise Volume (GMV) to be over $500 million (approximately Rs. 3,342 crore). Over 10 million tickets (bus, train and air) have been booked via Paytm. To grow the business, the company is planning to invest Rs. 300 crore into its travel business. It is also considering generating more revenues from hotel bookings through coupons/discounts.
Paytm goes global: Paytm Canada
Sources stated that Paytm has gone global, and has started Paytm Canada, to facilitate online bill payments in Canada. The new app, will allow Canadians to pay for their cell phone, cable, internet, electricity and water bills. The app will also be upgraded soon to introduce more services. John Tory, the Mayor of Toronto visited Paytm's HQ in Noida for the launch.