Paytm has been spreading its wings in the country especially after the demonetization move. The company managed to get $1.4 billion in funding from Softbank and is now looking at expanding into newer segments on the heels of this funding. The targeted segments are Travel, Hotels and Movie Ticketing.
Paytm is looking at offering a host of discounts and multiple offers to customers looking for travel solutions or movie tickets via Paytm site. Paytm will take on some of the biggest names already going strong in the industry like MakeMy Trip, ClearTrip, BookMyShow, etc with the new initiative. Though there are many sites that offer hotel and travel solutions individually and movie ticketing or event details, there is no site that clubs the two and is a one-stop offering for all. Paytm aims to be the one-stop-shop for every entertainment need.
The new hotels and ticketing segment will be headed by Senior Executive Nitin Misra, previously Head of Products for the basic payments business. As per a statement made to Times of India, “After two years as head of payment products, Nitin is now looking forward to setting up the hotels and packages vertical in Paytm.” Paytm is reportedly in talks with major players in the above mentioned segments and is looking at stakeholding options to expand the business better. As per reports, the company is in talks with Insider.in, a strong competitor to BookMyShow and is looking at getting a majority stake in the business. ALSO READ: Flipkart to Amazon: Top 10 tech companies Indians want to work at
Paytm is looking at boosting its revenue to $1 billion from the newer business and ventures. The plan of action would be to provide heavy discounts and rely entirely on offers. While the traditional players in the market too offer discounts and have schemes, over a period of time there has been a lull and the players are targeting the customers based on their presence and name in the market. Paytm plans to change the game and take advantage of the budget-conscious, discount-loving Indian, pushing them to the newer platform. ALSO READ: Paytm Payments Bank: Features, interest, fees and all you need to know
While initially Paytm launched as a basic e-commerce portal challenging the likes of Amazon India, Flipkart and Snapdeal, it soon commenced its wallet service, taking on Freecharge and went on to be hugely popular, mainly thanks to the demonetization wave created by Prime Minister Narendra Modi. Paytm has recently announced its Paytm Payments Bank, which is the third of its kind banking service in India. The company is diversifying its portfolio and is looking at acquiring Freecharge wallet in the near future.