Paytm has announced today that Mountain Capital will make an investment into Paytm. The deal values Paytm at close to $5Bn. The fresh capital infusion will allow Paytm, the consumer brand of…
For Paytm, it’s clear that the wallet business is the NextBigWhat – and ecommerce marketplace, to me was more of an interim solution to keep the valuation flying.
Paytm received its in-principle approval to set up a Payments Bank in August last year.
The legal tussle between Unicommerce and Paytm continues. Unicommerce said that all interim injunctions sought by Paytm were denied by the Delhi high court. However, Paytm claims that court asked Unicommerce not to use any data which it accessed from the sellers of Paytm. Unicommerce claims to have discontinued use of the logo.
The court also asked Unicommerce to Unicommerce to pull down its YouTube advertisement or remove Paytm’s logo from it.
Paytm declined to comment and said no statement has been given by the company so far.
With utility vertical comprising electricity, water, telephone and gas bill payments, Paytm plans to do a GMV of Rs 12,000-13,000 crore by tapping this lucrative space. Paytm is looking to expand its customer base to 500 mn by 2020.Last month, the company clocked around 2.5 million transactions in this segment.
Both the companies have already initiated talks but no details have been disclosed yet. The Alibaba backed payment company plans to boost its travel marketplace with this acquisition. However when NextBigWhat contacted Paytm, it declined to comment and said it is only a speculation.
The users can now pay university fees and dues, hostel fees, cafeteria bills as well as buy books and merchandise through the Paytm Wallet. By minimizing cash, the initiative shall be highly beneficial for the students, teachers, the institution and parents alike.
With the Modi led Government, ‘digital’ has been abuzz across all the corners of the country. In this entire process of making everything digital, we may have missed the significance…