Paytm (acronym for “pay through mobile”) is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through its QR code, Payment Soundbox, Android based-point of sale machine and online payment gateway offerings. In partnership with financial institutions, Paytm offers financial services such as microloans and buy now, pay later to its consumers and merchants. Apart from bill payments and money transfer, the company also provides ticketing services, retail brokerage products and online games.
Paytm’s parent company, One97 Communications, got listed on the Indian stock exchanges on 18 November 2021 after an initial public offering, which was the largest in India at the time. For the fiscal year 2022–23, Paytm’s gross merchandise value (GMV) was reported to be ₹13.2 lakh crore (US$170 billion).
Official Customer Care & Support Information
| Registered Address | 136, Ist Floor, Devika Tower, Nehru Place, New Delhi – 110019 |
| Contact Number for Cyber Query | 0761-2796277 |
| Customer Care | 0124-6555 555 |
| Customer Support | [email protected] |
| Customer Feedback | f[email protected] |
| KYC Verification | [email protected] |
| Working Hours | 8:00 AM to 8:00 PM |
| Website | https://www.paytmmoney.com/ |
| Support URL | https://www.paytmmoney.com/care |
| Download App | https://play.google.com/store/apps/details?id=com.paytmmoney |
Paytm Money History
Paytm was founded in August 2010 with an initial investment of US$2 million by its founder Vijay Shekhar Sharma in Noida, Delhi NCR. It started off as a prepaid mobile and DTH recharge platform, and later added debit card, postpaid mobile and landline bill payments in 2013.
In October 2011, Sapphire Ventures (fka SAP Ventures) invested $10 million in One97 Communications Ltd. By January 2014, the company had launched the Paytm Wallet, which the Indian Railways and Uber added as a payment option. It launched into e-commerce with online deals and bus ticketing. In 2015, it added education fees, metro recharges, electricity, gas, and water bill payments. Paytm’s registered user base grew from 1.18 crore in August 2014 to 10.4 crore in August 2015. Its travel business crossed $500 million in annualised GMV run rate, with 20 lakh tickets booked per month.
In March 2015, Paytm received its huge stake from Chinese e-commerce company Alibaba Group, after Ant Financial Services Group, an Alibaba Group affiliate, took stock in Paytm as part of a strategic agreement. Soon after, it received backing from Ratan Tata, the MD of Tata Sons. In August 2016, Paytm raised funding from Mountain Capital, one of Taiwan-based MediaTek’s investment funds at a valuation of over $5 billion. Also in 2016, it launched movies, events and amusement parks ticketing as well as flight ticket bookings and Paytm QR. Later that year, it launched rail bookings and gift cards.
In May 2017, Paytm received its biggest round of stake by a single investor – SoftBank, thus bringing the company’s valuation to an estimated $10 billion. In August 2018, Berkshire Hathaway invested $356 million for 3%- 4% stake in Paytm, although Berkshire Hathaway confirmed that Warren Buffett was not involved in the transaction.
In 2017, it became India’s first payment app to cross over 10 crore app downloads. The same year, it launched Paytm Gold, a product that allowed users to buy as little as ₹1 of pure gold online. It also launched Paytm Payments Bank and ‘Inbox’, a messaging platform with in-chat payments. By 2018, it started allowing merchants to accept Paytm, UPI and card payments directly into their bank accounts at 0% charge. It also launched the ‘Paytm for Business’ app (now called Business with Paytm App), allowing merchants to track their payments and day-to-day settlements. Its merchant base to grow to more than 70 lakh by March 2018. It launched two new wealth management products – Paytm Gold Savings Plan and Gold Gifting for long-term savings. In January 2018, it entered into a joint venture with Alibaba Group-owned gaming company AGTech Holdings to launch Gamepind, a mobile gaming platform. It was rebranded as Paytm First Games in June 2019. In March 2018, Paytm Money was started with an investment of ₹9 crore for investment and wealth management.
In March 2019, the firm launched a subscription based loyalty program called Paytm First, and in May 2019, it partnered with Citibank to launch Paytm First credit card On 25 November 2019, Paytm raised $1 billion in a funding round led by US asset manager T Rowe Price along with existing investors Ant Financial and SoftBank Vision Fund. In July 2020, Tata Starbucks partnered with Paytm allowing its customers to order food online during the COVID-19 pandemic.
In July 2021, One97 Communications filed a draft red herring prospectus with the Securities and Exchange Board of India to launch its initial public offering (IPO). It launched its IPO in November 2021, raising ₹18,300 crore (US$2.3 billion) at a valuation of US$20 billion. It was the largest ever IPO in India. The shares began trading on 18 November 2021, opening at ₹1,950 on the NSE, 9.3% below the upper band of the IPO price range, and closed down more than 27% at ₹1,560, making it the biggest drop on a listing day in Indian IPO history.
In December 2021, Paytm launched Paytm Wealth Academy.
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