Industry News

Indian mobile giant Paytm is going to the movies

Indian conglomerate Paytm wants to become a major player in ticketing as it targets becoming a $100bn (£81.0bn/€90.5bn) business.

Paytm, which is currently India’s largest mobile payment platform and has a user base of 140m, has sold 6.5m movie tickets since the launch of its box office business in March, with 30 per cent month-on-month growth.

Those figures suggest the e-commerce site still has some way to go in becoming a major player as BookMyShow, the country’s No.1 movie-ticketing company, sold more than 52m tickets in the first six months of this year.

Paytm has also launched a new travel segment, with a target of 1.2m monthly transactions in the July-September quarter. Last week it announced that its wallet service can now also be used to pay for unreserved bus tickets.

“The best thing that we can do is capture as many markets, and the dumbest thing we could do is spread ourselves too thin,” founder Vijay Shekhar Sharma told the Economic Times newspaper.

Posted in Industry News