Paytm targets revenue of Rs.10,000 crore in the next one year

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The Indian e-commerce startup, Paytm, plans to hit their Rs.10,000-crore revenue target in the next one year. As part of its business expansion, the firm plans to hire 500 members on its back-end team. 

Paytm
The company has hired 200 people and plans to hire 300 more as part of its plan to hire a 500-member team for business expansion.

On Sunday, the company said, in a statement, that it has witnessed growth of 200% in terms of its online-to-offline (O2O) business expansion. Paytm is, hence, on a steady path of targeted growth. It has already hired as many as 200 people for various processes and plans to hire 300 more resources in the next few months. 

The One97 Communications-owned firm plans to enter the grocery sphere in the coming months. It has been adding more and more merchants to its network, which will help it grow once it makes a mark in the grocery sector. The company will start grocery delivery on a large scale and eventually sell fresh produce too. If successful, the firm will see large daily traction and repeat customers on its platform. 

Paytm, backed by Alibaba, has also tied-up with retail stores such as Reliance Digital, Croma, and Big Bazaar as well as exclusive brand stores like Lenovo, Samsung, Dell, and Asus. The tie-ups will help the company build its offline presence in tier-II and tier-III cities. 

The news about business expansion and mass hiring came in at a time when the company was expected to downsize and eventually sell its online marketplace arm. The loss incurred by the company in FY 2018 was 150 times more than the loss incurred in FY 2017. While Paytm is a market leader in the mobile wallet segment, it has not been faring well against Amazon and Flipkart in the online marketplace sphere. 

Source: Business Standard 

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