Delhi-based mobile commerce company Paytm has been witnessing a lot of attention from sometime now. The company, today said that it has clocked a whooping $1.5 Bn GMV run rate by targeting its 80 Mn wallet users.
As per the company, in last month itself, over 10k merchants had received orders via Paytm. Further, Paytm is targeting to reach GMV of $3-4 Bn by the end of March next year.
Paytm currently has over 10 Mn products and 40k merchants listed on its online marketplace. The company claims to add about 2-3 Mn products every month. Last month, Paytm had also launched a dedicated app for sellers to connect small businesses and consumers which works on a zero commission model.
Shankar Nath, Senior Vice President, Paytm said, “We focus on inclusive growth of the merchant base. We are constantly trying to generate a more equitable distribution of sales for our merchants; currently even the top merchant do not contribute to more than 5-7% of the total sales. I am sure, our benchmark of 10,000 merchants receiving orders on Paytm in the last 30 days is a result of our attention to working with one SME at a time.”
- Paytm clocks 90% of its orders from unstructured categories like fashion, home furnishing and accessories. Unlike others, Paytm’s 60% GMV is contributed by these categories.
- The top categories among these being clothes (with a significant mix of private labels), fashion accessories, footwear, electronics accessories, home and kitchen items.
- Average cart size is of about INR 1200-1400
- Does more than 60 Mn orders of various digital and physical goods every month
The company is also working to add more and more merchants on its online portal and is providing them full support through its logistics cloud and has helped them reach to over 39,000 pin codes in the country. There were also reports, that Paytm is in plans to bring in 1,00,000 sellers from Alibaba’s online arm AliExpress to its platform from August.
Reports suggests that other marketplaces including Snapdeal, Flipkart and Amazon are clocking GMV run rates of $3.5Bn, $4.5 Bn and $2 Bn respectively.
Previously there were reports that Paytm has obtained the nod of its board to raise $375 Mn from an affiliate of its present investor, Alibaba Group as it has exceeded the performance targets set by the investor for disbursal of funds.
Founded in 2010, Paytm is owned-by One97 Communications Ltd, and presently offers a marketplace for mobile applications including mobile recharge, utility bill payments and inter-wallet and wallet-to-bank money transfers. The company has around 66 Mn wallets on its platform which it further plans to take to 100 Mn by the end of this year. It also has plans to set over 50k retail outlets in the country.