Paytm, India’s fastest growing digital transaction platform, based out of Noida, has reached $15 billion (approx ₹107 crore) in company valuation with 25 per cent surge.
The development was declared by Paytm’s founder Vijay Shekhar Sharma, who said, “Esops (employee stock ownership plan) worth $150 million were sold by Paytm’s employees to New York-based investors nearly three months ago, valuing the company at $15 billion.”
However, a month ago, Paytm reported to have recorded less than 140 million UPI transactions in July, as compared to over 200 million UPI transactions in May.
Furthermore, the company has also claimed earlier that it has achieved over 600 million total transactions in July, which includes payments through Paytm Wallet, Paytm UPI, cards and net banking.
Sharma has now reportedly said that Paytm is contribution positive, meaning that it is spending money to only acquire new merchants and customers. “Merchants pay us, not the customer,” he said.
Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India. It enables users to process digital payments through any preferred payment mode including credit and debit cards, net banking, paytm wallet and UPI (unified payment interface).
Overall, Paytm has claimed to reach a gross transaction value (GTV) of over $50 billion, while clocking 5.5 Bn transactions in FY19.
The platform has earlier claimed to own around 70 per cent market share in overall digital payments across online and offline merchants.
India’s digital payments industry is estimated to grow to $1 trillion by 2023 and the value of digital payments will likely jump from the current 10 per cent to over 25 per cent by 2023, according to a 2018 NITI Aayog report.
Some of the prominent players in the Indian market includes Fircent, LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.
More news about Paytm:
- Paytm aims to target new customers, merchants in small cities pan India; releases ₹750 cr
- Paytm plans to launch content, news, other features to attract more users on app