Paytm May Enter 2 More Developed Markets in 2019, Says CFO

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Paytm May Enter 2 More Developed Markets in 2019, Says CFO
Highlights
  • Paytm has already found its footing in Canada and Japan: CFO Madhur Deora
  • We have found the developed markets to be very interesting, said Deora
  • Berkshire bought a Rs. 25 billion stake in One97 in August, 2018

Digital payments company Paytm is considering foraying into 1-2 more developed markets in 2019, Chief Financial Officer Madhur Deora said on Wednesday at the World Economic Forum in Davos.

Paytm has already found its footing in Canada and Japan, and several commerce and financial services verticals of the company have begun to churn out revenue and profits, Deora told the Reuters Global Markets Forum.

"We have found the developed markets to be very interesting," Deora said.

While the company can't commit to a definite launch in other markets, it is working on building a scalable business, he added.

Berkshire Hathaway bought a Rs. 25 billion ($356 million) stake in Paytm's parent company One97 in August last year.

Paytm, founded in 2010, which counts China's Alibaba Group and its financial services arm Ant Financial Services Group among investors, faces intense competition from other players such as Google Pay and state-backed Unified Payment Interface (UPI).

© Thomson Reuters 2018

Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.

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