Paytm is an Indian e-commerce website headquartered in Noida, India. It was launched in 2010 and is owned by One97 Communications. The firm started by offering mobile recharging, adding bill payment and e-commerce, with products similar to businesses such as Flipkart, Amazon.com, Snapdeal. In 2015, it further added booking bus travel. Paytm also launched movie ticket booking by partnering with Cinépolis in the year 2016.
In 2014, the company launched Paytm Wallet, now India's largest mobile payment service platform with over 100 million wallets & 10 million app downloads. According to data shared by App Annie, a mobile-tracking website, Amazon has taken the second position from Paytm in terms of mobile downloads.
In March 2015, Indian industrialist Ratan Tata made personal investment in the firm. The same month, the company received a $575 million investment from Chinese e-commerce company Alibaba Group, after Ant Financial Services Group, an Alibaba Group affiliate, took 25% stake in One97 as part of a strategic agreement. Paytm borrowed 300cr from ICICI Bank in March 2016 as working capital.
The application enables users to perform purchases such as air tickets, taxi booking, mobile recharge, DTH bill payment and electricity payment, among others. Paytm users can also pay for fuel at Indian Oil Petrol pump through the wallet. Users can also book movie tickets as the e-commerce player has partnered with PVR Cinemas.
In 2015 Paytm received a license from RBI for starting India's first payments bank. The bank intends to use Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy. The payments bank would be a separate entity in which the founder Vijay Shekhar Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a subsidiary of One97 and Sharma.
Paytm holds the title sponsorship rights from Board of Control for Cricket in India (BCCI) for all international and domestic bilateral series hosted by the BCCI for a period of four years (a total of 84 matches) starting from August 2015 for INR 203 crore (32 Million USD), or INR 2.42 crore per match played in India. The rights include sponsor branding of series with the title sponsor logo, designation as the title sponsor of the series, visibility at the stadium, and broadcast sponsorship rights. This also includes all BCCI domestic (Ranji Trophy and Duleep Trophy etc.) matches in India. Previously, Paytm had spent about INR 50 crore during 8th season of Indian Premier League. Paytm also served as an associate sponsor on Sony TV network (which has the telecast right of IPL) and was the official partner of the IPL team Mumbai Indians.