Type of business Private Parent One97 Founder Vijay Shekhar Sharma | Type of site E-commerce Customer service 096439 79797 Founded 2010 | |
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Headquarters Noida ,New Delhi, India Key people Vijay Shekhar Sharma (CEO) Services Online shoppingPayment system CEO Vijay Shekhar Sharma (Dec 2010–) Profiles | ||
Paytm is an Indian payment and commerce company based out of Delhi NCR, India. Launched in August 2010, it is the consumer brand of parent One97 Communications. The name is an acronym for "Pay Through Mobile."
Contents
- This is how paytm s noida office looks like
- Background
- Funding
- Paytm Wallet
- Payments bank
- Investments acquisitions and sponsorships
- References
In 2015, Paytm became the first Indian company to receive funding from Chinese eCommerce company Alibaba, after it raised over $625 million at a valuation of $1.5 billion. The Alibaba Group was the biggest stakeholder in Paytm parent company One97 Communications. In August 2016, Paytm received an investment from Mountain Capital, one of Taiwan-based MediaTek’s investment funds, which valued Paytm at of over USD$5 billion.
The company employs over 13,000 employees as of January, 2017 and has 3 million offline merchants across India. It also operates the Paytm payment gateway and the Paytm Wallet.
Paytm launched bill payments services in Canada, its first overseas market, on 16 March 2017. The new app allows Canadians to pay their utility bills.
This is how paytm s noida office looks like
Background
Paytm was founded and incubated by One97 Communications in 2010 as a prepaid mobile recharge website. Service is available through a browser, and an app is available on the Android, Windows and iOS operating systems.
In 2013, the company launched Paytm Wallet, which became India's largest mobile payment service platform with over 150 million wallets and 75 million android based app downloads as of November 2016. The surge in usage of the service was largely due to the demonetization of the 500 and 1000 rupee currency notes. After 8 November 2016, Paytm's transactions and profit increased significantly.
Funding
In March 2015, Indian industrialist Ratan Tata made a personal investment in the firm. The same month, the company received a $575 million investment from Alibaba Group of China, after Ant Financial Services Group, an Alibaba Group affiliate, took a 25% stake in One97 as part of a strategic agreement. Paytm borrowed 300cr from ICICI Bank in March 2016 as working capital.
Paytm Wallet
The Paytm Wallet application enables users to book air tickets and taxis, mobile recharge, and payment of DTH, broadband and electricity bills among others, money transfer feature does not available in desktop users and its only available for mobile users. Users can also pay for fuel at Indian Oil Petrol pumps and buy movie tickets at PVR Cinemas through the wallet.
Payments bank
In 2015 Paytm received a license from Reserve Bank of India to start one of India's first payments banks. At the time, the bank intended to use Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy. The payments bank would be a separate entity in which the founder Vijay Shekhar Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a subsidiary of One97 and Sharma.
Paytm is also approved as an operating unit for integrated bill payment system Bharat Bill Payment System, allowing multiple payment modes for consumers.
Investments, acquisitions and sponsorships
Paytm has invested $5 million in auto rickshaw aggregator and hyperlocal delivery firm Jugnoo. It has also acquired Delhi-based consumer behavior prediction platform Shifu for $8 million and local services startup Near.in for $2 million. Paytm has also spent over INR 200 crores to become the title sponsor of the Indian Cricket team.