Paytm aims at $500mn in monthly sales by December

Vijay Shekhar Sharma (file image)

Paytm, The company has raised more than $728 million in funding from key investors including ANT Finanacial, SAIF Partners and Intel Capital.

Further, Vijay Shekhar Sharma, Paytm CEO and Founder,  said that the platform expects to clock monthly sales of $500 million (Rs 3,300 crore) by this December, as reported by the publication.  A bulk of Paytm’s revenues are expected to come from ticketing, recharges and offline payments.

While cash recharges now contribute to 22 percent of Paytm’s sales, payments of utility bills contribute to 10 percent of the platform’s entire sales.

According to the report, Noida-based company records monthly sales of $300 million, while incurring an operating loss of one percent, including costs of online marketing, maintaining a payment gateway and providing cash back to customers.

Just last month, Paytm partnered with financial institutions to provide collateral free working loans to small merchants and kirana store owners. While tying up with financial institutions like Capital Float, the transaction history of these merchants would be passed on to third-party financial institutions for credit profiling and scoring.

Also, in a move to convert cash users to digital, Paytm is also tying up with auto drivers to accept the fare through Paytm, amongst other moves.

The publication also reported that the company was planning to hive off its mobile marketplace into a separate entity with China’s Alibaba considering investment in the new entity.

Alibaba along with its affiliates owns 40 percent stake in Paytm.

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