Paytm to boost its travel business by investing Rs 250 cr
Paytm to boost its travel business by investing Rs 250 cr

Paytm, the digital payments firm, is planning to invest Rs 250 crore in its travel business over the next six months.

Paytm app will use this investment to raise market share in the existing travel vertical. The investment will further be utilized to scale up the product and technology team and set up new business verticals.

In its travel vertical business, Paytm has a customer base of over 1.5 crore and an annual gross merchandise value of Rs 7,100 crore.

Abhishek Rajan, Senior Vice-President of Paytm Travel, said, “We continue to witness strong growth in tier-II and III cities, which account for over 65 per cent of our new customers. This investment will help us further bolster our position as a dominant player in the travel booking space.”

The firm claims to sell over six million travel tickets every month. Paytm further aims to grow the business by 100% in the current financial year.

“Our users have saved more than Rs 60 crore from our free cancellation feature on flight and bus ticket bookings. We are perhaps the only player in the travel industry that doesn’t charge a fee to process flight ticket cancellation requests,” Rajan added.

 
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