Paytm, a Noida-based mobile payments processor company and one of the top four high-value startups in the country, said it will unveil a new platform for travel segment this September.
In an interaction with Deccan Herald, Paytm co-founder and CEO Vijay Shekhar Sharma said the travel sector is the largest segment in the eCommerce space. “But we do not have any market place for this segment today. All existing players are running their business on inventory-led model,” said Sharma. He said these companies are focussing on either booking bus tickets, flight ticket, booking rooms, stay in some holiday destination.
“We want to make it as a package where different players like travel agent, hoteliers, guides and cab operators can be brought under one platform. Now the travellers can book them as per their convenience and make a difference on money spend,” said Sharma.
Paytm co-founder said that the company is the largest booking sight in the country and wants to become a game changer and driver of eCommerce business.
The company, which started off its journey in the payment sector in 2011 with mobile-first concept using its own wallet, recently received the RBI’s permission to start payment banks. It started the online merchant service in June 2014 via marketplace model where buyers and sellers can come and make transactions.
“Our gross merchandise volume is now $1.5 billion. We are planning to triple it by the end of this year. Paytm also crossed 100 million Paytm Wallet users, who carry out over 75 million transactions every month,” he said.
Paytm, part of One97 Communications, recently said that its wallet is now accepted by over 80,000 merchants and plans to reach the 10 million merchants mark by the end of next year.
According to Internet & Mobile Association of India, India's online travel market was estimated to be worth over $8 billion in 2014 and likely to register exponential growth in the current year. Also, the country is witnessing a tremendous growth in the middle class with a growing disposable income.
One97 Communications has reportedly signed a deal worth $585 million for a 25 per cent stake in the company with Alibaba Group in February 2015. The Chinese group is reportedly in talks with the company to buy around 40 per cent of the Indian payments firm.