Mobile wallet brand Paytm plans to add over 1 lakh merchants

Rumours suggest that the firm is in talks with multiple financial and strategic investors including Temasek and Amazon to raise $200 million.
Mobile wallet brand Paytm plans to add over 1 lakh merchants

New Delhi: Paytm is planning to aggresively launch effort to boost its mobile marketplace by adding around one lakh sellers in one year, says a TOI report. The company is also planning to hire 4,500 human resources within this period.

Mobile wallet brand Paytm,owned by Noida-based One97 Communications, has around 2,000 employees and 15,000 sellers on its marketplace.

'With regards to merchants, apart from retailers across geographies, we are also focusing on SMEs such as Dharavi Market among many others,' Renu Satti, VP, business development, Paytm told TOI.

In the meanwhile, rumours suggest that the firm is in talks with multiple financial and strategic investors including Temasek and Amazon to raise $200 million.

Recently, the Wall Street Journal reported that Alibaba and its financial-services affiliate agreed to jointly invest about $575 million in One97 Communications for a 30% stake, citing a person familiar with the matter.

One97 had raised $10 million in its third round of funding from SAP Ventures in 2011, the corporate venture capital arm of German software giant SAP. The company’s valuation during this round was nearly $300 million.

Paytm has already applied for a payment bank licence, but it might not have an easy run as a banker, in spite of its user base of 20 million. It has plans of touching 100 million users by 2016.

Even if Paytm gets RBI licence to operate as a payment bank, it is likely to face stiff competition from telecom service providers like Bharti Airtel.

No e-commerce firm in the country has its own payments service.

Image: Corbis

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