Indian m-commerce firm Paytm to invest $24.9m for expansion

Paytm, Indian m-commerce firm, is planning to invest nearly INR1.5bn ($24.9m) during the year 2014 to expand its business through recruitments, acquisitions, and brand building activities.

Paytm, Indian m-commerce firm, is planning to invest nearly INR1.5bn ($24.9m) during the year 2014 to expand its business through recruitments, acquisitions, and brand building activities.

The company stated that it is likely to recruit 300 employees in addition to the 100 it hired over the year. Currently serving six million users, it aims to net a user base of 15 million by the end of 2014.

Paytm founder and CEO Vijay Shekhar Sharma told PTI that the company’s investment of INR1.5bn for expansion would be sourced through internal accruals.

"We spent about Rs 100 crore from our kitty on this campaign and looking at it now I think it was money well spent," added Sharma.

"We set a target of hiring 200 engineers, 200 sales people and a 100 engineers to meet growing demand. Of this, 100 have joined us."

Paytm has recently introduced a mobile prepaid payment option named Paytm cash wallet, under which, users can add cash from their bank account or credit card.