Paytm to step up overseas expansion this year

Paytm to step up overseas expansion this year
Photo Credit: Photo Credit: VCCircle
24 Jan, 2019

Digital payments company Paytm is considering foraying into 1-2 more developed markets in 2019, Chief Financial Officer Madhur Deora said on Wednesday at the World Economic Forum in Davos.

Paytm has already found its footing in Canada and Japan, and several commerce and financial services verticals of the company have begun to churn out revenue and profits, Deora told the Reuters Global Markets Forum.

"We have found the developed markets to be very interesting," Deora said.

While the company can't commit to a definite launch in other markets, it is working on building a scalable business, he added.

Berkshire Hathaway Inc bought a 25 billion rupees ($356 million) stake in Paytm's parent company One97 in August last year.

Paytm, founded in 2010, which counts China's Alibaba Group and its financial services arm Ant Financial Services Group among investors, faces intense competition from other players such as Google Pay and state-backed Unified Payment Interface (UPI).