Paytm

Paytm
Privately held company
Industry E-commerce
Founded 2010 (2010) in Noida, India
Founder Vijay Shekhar Sharma
Headquarters Noida, India
Area served
 India
Key people
 Harinder Takhar,[1] Amit Sinha
Parent One97[2]
Website paytm.com

Paytm is an Indian e-commerce shopping website headquartered in Noida, India, launched in 2010. It is owned by One97 Communications The firm started by offering mobile recharging, adding bill payment and e-commerce, with products similar to businesses such as Flipkart, Amazon.com, Snapdeal. In 2015, it added booking bus travel.[3]

History

Paytm was founded and incubated by One97 communications in 2010 as a prepaid mobile recharge website. Paytm is an acronym for "Pay Through Mobile".[4] with Android, windows and iOS apps.

Services

In 2014, the company launched Paytm Wallet, now India's largest mobile payment service platform with over 100 million wallets & 25 million app downloads. The service became the preferred mode of payment across leading consumer internet companies .[5] Paytm users can pay for the fuel at Indian Oil Petrol pump through paytm wallet.[6]

Funding

In March 2015, Indian industrialist Ratan Tata made personal investment in the firm .[7] The same month, the company received a $575 million investment from Chinese e-commerce company Alibaba Group,[8] after Ant Financial Services Group, an Alibaba Group affiliate, took 25% stake in One97 as part of a strategic agreement.[9]

Partners

Paytm works with the all mobile operators in all states in India for prepaid mobile, DTH, and Datacard recharges and postpaid mobile, landline, and Datacard bill payments. It has partnered with multiple national banks for credit card, debit card, and netbanking payments. Paytm also works with various billers for utility bill payments.

Payments bank

In 2015 Paytm received a license from RBI for starting India's first payments bank. The bank intends to use the Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy. The payments bank would be a separate entity in which the founder Vijay Shekhar Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a subsidiary of One97 and Sharma.[10]

Sponsorship

Paytm holds the title sponsorship rights from Board of Control for Cricket in India (BCCI) for all international and domestic bilateral series hosted by the BCCI for a period of four years (a total of 84 matches) starting from August 2015 for INR 203 crore (32 Million USD), or INR 2.42 crore per match played in India. The rights include sponsor branding of series with the title sponsor logo, designation as the title sponsor of the series, visibility at the stadium, and broadcast sponsorship rights.[11] This also includes all BCCI domestic (Ranji Trophy and Duleep Trophy etc.) matches in India.[12] Previously, Paytm had spent about INR 50 crore during 8th season of Indian Premier League. Paytm also served as an associate sponsor on Sony TV network (which has the telecast right of IPL) and was the official partner of the IPL team Mumbai Indians.

References

  1. ↑ Nikhil Pahwa (16 March 2015). ""Most of the marketplaces in this country have a dormant merchant base" – Vijay Shekhar Sharma". Medianama. Retrieved 30 March 2015.
  2. ↑ "Alibaba enters India's e-commerce space with 25% stake in Paytm owner One97". India Times. 6 February 2015. Retrieved 30 March 2015.
  3. ↑ Shrutika Verma (14 January 2015). "Alibaba diverges with SoftBank with Paytm pick". Live Mint. Retrieved 30 March 2015.
  4. ↑ "Paytm, always bringing the Uber experience to you". #PaytmKaro (Paytm). November 13, 2014.
  5. ↑ Jon Russell (13 March 2015). "India’s Top Mobile Wallet App Adds Support For Payments To Bank Accounts". TechCrunch. Retrieved 30 March 2015.
  6. ↑ http://gadgets.ndtv.com/apps/news/pay-for-petrol-with-paytm-at-indian-oil-pumps-799608
  7. ↑ Samidha Sharma (13 March 2015). "Ratan Tata's fifth personal investment in the digital economy is Paytm". Times of India. Retrieved 30 March 2015.
  8. ↑ Malini Goyal (15 March 2015). "How startups have successfully established their own rules of hiring, rewarding & retaining talent". Times of India. Retrieved 30 March 2015.
  9. ↑ Catherine Shu (5 February 2015). "Alibaba’s Financial Affiliate Takes 25% Stake In India’s One97, Owner Of Paytm". TechCrunch. Retrieved 30 March 2015.
  10. ↑ Mohamed Aamir (14 September 2015). "Paytm plans to start India’s first payments bank". Economic Times.
  11. ↑ Urvi Malvania (31 July 2015). "Paytm bags 4-yr BCCI title sponsorship for Rs 203 cr". Business Standard. Retrieved 27 August 2015.
  12. ↑ http://indianexpress.com/article/sports/cricket/bcci-awards-title-sponsorship-rights-to-paytm/

Further reading

External links

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