Paytm to invest Rs 750 crore to reach more active users
Paytm will invest Rs 750 crore ($112.7 million) with the aim of almost doubling its monthly active user base by March 2020, the digital payments platform said on August 15.
Paytm’s current monthly active user base stands at 140 million and the business aims to approximately double the figure to at least 250 million with its new investment, the Press Trust of India reported. One of the main ways the business aims to bring in new users is with its fast-growing Paytm Inbox service. The service currently has 27 million monthly active users and is expected to grow to between 60 and 70 million new users by the end of the 2020 financial year.
"We are already seeing 27 million monthly active users on Paytm Inbox,” Paytm’s senior vice president Deepak Abbot said in a statement, as reported by the Press Trust of India. “Now that we are upgrading it to the next level with innovative use of the content, we hope to get around 60 to 70 million new users of the app. Our target is to have 250 million monthly active users this year."
"We have registered 100 per cent quarter-on-quarter growth for Paytm Inbox which offers content services," Abbot said. Paytm also recently separated its Paytm Mall business functions from parent company One97 Communications as it focuses on growth.
Paytm will also use its Rs 750 crore investment to onboard more merchants, especially in small towns and cities. The business aims to enable 20 million retailers to accept digital payments through its QR payments service, Abbot said.
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