Paytm expects to clock a gross merchandise value (GMV) run rate of $3-4 billion by the end of March next year on the back of strong growth in transactions on its marketplace. The Alibaba-backed company claims to have about 40,000 merchants on board already. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple steps
“We are witnessing a strong traction on our marketplace. Our business has been scaling rapidly and we are already clocking a gross merchandise value (GMV) run rate of $1.5 billion,” Paytm founder and CEO Vijay Shekhar Sharma told PTI. Also Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
He added that the company expects the GMV run rate to touch $3-4 billion by the end of the fiscal. Revenue run rate is a term used in online retailing to indicate total sales value of merchandise sold through the marketplace over a certain period of time. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
According to reports, Paytm’s rivals Snapdeal and Flipkart are clocking GMV run rates of about $3.5 billion and $4.5 billion, respectively while Amazon is closing in on the $2 billion mark.
“We are presently doing up to two million transactions a day and have seen a 10 percent week-on-week growth in that.