Singapore-based Codashop, a gaming and entertainment top-up platform, on Thursday (November 7), announced a strategic partnership with Paytm, a Noida-based digital payments company.
Through this collaboration, both Paytm and Codashop aims to capture the digital gaming and entertainment market in India. Also, it will allow Codashop users to make their purchases online using Paytm’s payment gateway, according to a press statement.
Puneet Jain, senior vice president of Paytm, said that online gaming and entertainment segment has always been their growth potential, and through this alliance, the company is said to enrich the experience of Indian users.
“India’s mobile gaming market is estimated to grow from $1.1 Bn in 2018 to $2.4 Bn in 2020, at a compound annual growth rate (CAGR) of over 49%, and we believe that this partnership with Paytm will further help us expand and grow our presence across India,” said Philippe Limes, the CEO of Codashop (Coda Payments).
Limes further said that the Indian youth these days prefer mobile devices because of its flexibility, easy accessibility and convenience. “Codashop’s rich portfolio of games and entertainment content will complement with Paytm’s deeper consumer engagement, and help us accelerate our plans in the Indian digital gaming and entertainment industry,” Limes added.
Codashop was founded by Bobby Choi, Neil Davidson and Paul Leishman in 2011. The company helps digital content providers monetise their products and services in more than 20 emerging markets. It also enables digital gaming publishers such as PUBG Mobile, Call of Duty Mobile and Mobile Legends: Bang Bang; streaming platforms like BeIN and Bingo Live; and video-on-demand platforms like Viu.
Paytm was founded by Vijay Shekhar Sharma. It is one of the first digital payment platforms in India. Since 2010, the company has been aggressively expanding its business through investments and partnerships in various verticals, including payments bank, credit cards, UPI for payments and transactions, ecommerce (Paytm Mall), event ticketing services, wealth management, insurance, gold services and online gaming (Paytm First Games, formerly known as Gamepind).
Some of the recent partnerships of Paytm include CLIX Finance, where the company ventured into the digital lending space. Furthermore, its ecommerce wing, Paytm Mall also partnered with global online shopping giant eBay to expand its offerings and plans into new markets.
Paytm has a lot going on lately. This year the company announced its intentions to go public by 2022. In a pursuit to take the company’s valuation to $16 Bn, the digital payments platform has raised a fresh funding round of $2 Bn from SoftBank, Ant Financial, T Rowe Price and Alibaba. Last year, Berkshire Hathaway also invested $300 Mn in the company, valuing it around $10 Bn.