India based mobile e-commerce start-up, Paytm, having a Gross Merchandise Value(GMV) of more than $600 million, now targets to reach a $1 billion mark by the end of this fiscal.
Paytm offers a full marketplace along with mobile recharge and utility bill payment to its customers and hopes to make it to $1 billion on the back of the rising number of customers getting access to internet and switching to buy from e-commerce sites. However, 80 percent of the profit generated by the mobile firm is from its recharges and bill payments business.
Paytm Chairman and Managing Director Vijay Shekhar said-
We believe by the end of current fiscal we should be crossing $1 billion GMV.
Paytm, now holds 1600 employees working for it and is working to make this number rise to 3600 by the end of the next year. It is also raising $150 million to fund its growth plan which includes having 1 million merchants in the next two years for its marketplace. With current user base of 22 million, paytm is making efforts to reach the 26 million mark in order to cross the new milestone.