India’s Paytm to invest $35M in travel business
09/20/2019|6:01:42 PM|Phocuswire

Indian digital payments platform Paytm is making a major investment to grow its travel business.

The company says it will invest about $35 million, over the next six months to scale up the product and technology team, set up new business verticals and grow the market share of its existing travel verticals.

Paytm says its travel business, launched in 2016, has more than 15 million customers and gross value of $1 billion.

The company reports sales of six million tickets every month across flights, buses and trains, and it is aiming to double that business by the end of March. Ninety percent of its bookings are made on its mobile app.

Investors in Paytm include Softbank, SAIF Partners, Alibaba Group and Ant Financial.

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