Online payments and e-commerce marketplace, Paytm revealed its annual Gross Merchandise Volume (GMV) to be over $500 million approximately Rs. 3,342 crore.
To grow the business, the company is planning to invest Rs. 300 crore into its travel business. It has also generated revenues from hotel bookings through discount and coupons.
Last year, the company has received licenses from the Reserve Bank of India to launch the country’s first-ever payments bank. The aim was to eventually transform India into a cashless economy.
Since the demonetization move, the online payments company has reported over five million transactions every day, with a robust growth curve for the company’s numbers. Another note, Paytm founder Vijay Shekhar Sharma sold 1% of his shares in One 97 for Rs. 325 crore.
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