Mobile commerce marketplace and digital wallet Paytm* claims that it has crossed 100 million users in the country. It also claims that it carries out over 75 million transactions every month. It’s closest competitor in the wallet space, MobiKwik, claims to have 17 million users in the country. Paytm says that its wallet is now accepted by over 80,000 merchants across the country while MobiKwik says that it has over 50,000 merchants.
Earlier in July, Paytm started offering industrial supplies on its platform including hand tools, power tools, safety and security equipment, test & measurement apparatuses, machines, lab supplies, abrasives etc. Paytm claims that the initiative will help SMEs get in touch with different suppliers for different needs.
Paytm founder and CEO Vijay Shekhar Sharma said that the company is looking to get half a billion users onto the platform.
Paytm’s funding and investments
In February this year, Chinese e-commerce major Alibaba Group’s affiliate company Ant Financial Services, which operates the online payment solution AliPay,acquired 25% stake in One97 Communications for an undisclosed amount. A source-based report in January had said that AliPay would invest $575 million for a 30% stake.
Post the fundraise, Paytm itself has funded a few companies. These include the hyperlocal on-demand transport & delivery services provider Jugnoo, which raised $5 million in a series A round of funding led by Snow Leopard with participation from Paytm last month, and the hyperlocal deals marketplace ‘Little’ that raised $50 million from Paytm and other investors earlier this week.
Earlier in July, the company purchased the rights for title sponsorship from the BCCI for all home cricket series to be played in India till 2019. Paytm will pay Rs 2.42 crore per international match hosted in the country, of which 84 matches are already scheduled. This comes to around Rs 203.28 crore, without counting any matches that might be scheduled in the future.
Note that this is BCCI’s first partnership with a digital company for sponsorship. Previously, smartphone maker Micromax held the rights for a year, after STAR group and Sahara held the rights in the preceding years.
Delay in grocery deliver app
In June, Paytm removed its grocery delivery app Paytm Zip from the Play Store, about 2 months after launching it. Paytm told MediaNama that they hadn’t launched the app officially in April. It was in beta and the app would be back on the Play Store with new updates, though they didn’t mention a specific date.
Update: An earlier version of the story had incorrect numbers of MobiKwik’s users and merchants. It has been rectified
Disclosure: Paytm is an advertiser with MediaNama