New Delhi: Digital Payments giant Paytm has made a big announcement regarding investment in the country. Paytm said it would invest Rs 250 crore in the travel business in the coming six months. The purpose of this investment is to increase the product and technology team, establish a new business area and increase market share in the existing travel business. According to Paytm's claim, its travel business has a consumer base of 1.5 crore. Also, on its online platform, this business segment is getting deals worth Rs 7,100 crore in a year.
Abhishek Ranjan, Senior Vice President, Paytm Travel said, “We are recording strong growth in the second and third tier cities. These cities account for 65 per cent of our new customers. This investment will improve our position in the travel booking sector. The company claims that it sells over 60 lakh travel tickets every month and aims to increase the business to 100 per cent in the current financial year. Paytm said that more than 90 percent of bookings are done through mobile apps. The company will operate the travel business from Bengaluru, where it has built a strong team of over 300 members. Paytm has gone far ahead in the e-wallet segment.
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