Paytm Aims for $1 Billion in Transactions by March 2015; Plans to Raise $150 Million in Funding

Mobile commerce firm Paytm is aiming to clock $1 billion (approximately Rs. 6.15 crores)gross merchandise value (GMV) by March next year on the back of growing smartphone penetration and rising number of customers buying from e-commerce sites.

"We believe by the end of current fiscal, we should be crossing $1 billion GMV,"Paytm Chairman and Managing Director Vijay Shekhar Sharma told PTI.

He said growth drivers for the company are smartphone and Internet penetration, besides rising number of consumers opting for purchases from online shops.The company has already crossed $600 million (approximately Rs. 3690 crores)GMV.

The company, which started by offering mobile recharge and utility bill payments, now offers a full marketplace to consumers on its mobile application.The company, however, still gets 80 percent of its business from recharge and bill payments and the rest 20 percent comes from off selling.

Paytm is also raising $150 million (approximately Rs. 922 crores)to fund its growth plans which include increasing the employee strength to 3,600 by the end of next year.