The company said that the investment would be used towards scaling up the product and technology team, setting up new business verticals, and growing the market share in existing travel verticals.
Abhishek Rajan, Senior Vice President at Paytm Travel, said, “We continue to witness strong growth in Tier II and III cities, which accounts for over 65 percent of our new customers. This investment will help us further bolster our position as a dominant player in the travel booking space.”
Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India
With a customer base of more than 15 million and annual GMV of $1 billion, Paytm’s Travel business has sold over 100 million tickets within just three years of operations.
The company sells more than six million tickets every month and is targeting to grow by 100 percent 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 for processing flight ticket cancellation requests. This is a reflection of our strong customer-first philosophy,” Rajan added.