In a significant achievement, Paytm has announced that it now has over 50 million wallets on its platform. Livemint reports that the company further announced that around 16 million of these wallets transact on the platform every month. Also Read - Best online gaming platforms to play multiple games: Paytm First Games, PlayerzPot and moreAlso Read - Internet down: Zomato, Paytm, Disney+ Hotstar, Amazon, Myntra, many other global services suffered massive outage
The company expects to reach 100 million by 2015 as it is expanding its reach to the local roots and even auto rickshaw and cab drivers. The company plans to spend Rs 500 crore on brand promotion and is also setting up 50,000 retail shops in India to make digital wallets a habit. Also Read - Zomato IPO: How to invest via bank, Zerodha, and Paytm Money
The current valuation of Paytm is said to be 1.5 billion, after Alibaba picked up 25 percent stake in the company. Even Ratan Tata put his money into the company, and became the personal adviser to Vijay Shekhar Sharma’s venture.
Paytm has a pool of marquee investors like SAIF Partners, Intel Capital, Sapphire Ventures and Silicon Valley Bank. It plans to expand operations overseas with eyes on Singapore and South East Asian markets initially. The company is looking to hire as many as 4,500 people in all fields to meet its expansion plans in India and overseas.
Uber also uses Paytm s wallet to pay for rides in India and the company claims to clock over 60 million transactions per month, with the average user transacting four times per month on its platform.