1. Paytm CEO Vijay Shekhar Sharma says no profitability at this moment, aims 500 mn accounts by 2020

Paytm CEO Vijay Shekhar Sharma says no profitability at this moment, aims 500 mn accounts by 2020

Paytm CEO Vijay Shekhar Sharma has ruled out the possibility of much profit in near future as he said that India’s leading mobile wallet and payments company was aiming to have 500 million accounts by 2020.

By: | New Delhi | Updated: July 17, 2017 12:51 PM
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Paytm CEO Vijay Shekhar Sharma has ruled out the possibility of much profit in near future as he said that India’s leading mobile wallet and payments company was aiming to have 500 million accounts by 2020. In a candid chat to Bloomberg, Sharma said that country has been moving towards a more mature e-commerce system. Talking about priorities, Sharma said that the Alibaba and SoftBank-backed company was aiming to have a larger number of users and transactions. Invoking the iconic rock singer Jim Morrison of The Doors, Sharma said that he wanted the world and he wanted it now. Bloomberg quoted him as saying that the company believes that it was not the known but the unknown that would kill it. Sharma said that winning means having most customers, repeat customers, cohorts and transactions.

Sharma had recently said that the company was aiming to raise its valuation to $100 billion by the year 2025 after his company received $1.4 billion from Japanese investor SoftBank in its largest funding to date, as per CNN News18 report.

According to PTI report, Paytm was believed to be in discussions to pick up minority stake in online grocery retailer, BigBasket for about USD 200 million.

With people becoming comfortable buying even milk and bread online, online grocery segment is projected to witness a strong growth over the next few years. According to a report by Franchise India, the online grocery market is expected to be Rs 2.7 billion market by 2018-19. Industry watchers believe that grocery would become bigger than electronics and fashion, categories that currently dominate online purchases, the report says.

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