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Paytm hits 100 million users and claims 75 million transactions every month

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. BCCI Sponsorship  Earlier in July, the company purchased…

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