Ratan Tata invests in m-commerce platform Paytm

Sambad English Bureau Published On : Mar 13, 2015 at 7:16 PM

New Delhi, March 13:

Tata Group chairman emeritus Ratan Tata has invested in mobile commerce (m-commerce) firm Paytm, a statement by the latter confirmed here on Friday.

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The investment amount, however, was not disclosed.

“I am very happy that Mr. Tata has put faith and trust in our values and mission. There is no better advisor for Paytm on building India’s most trusted mobile payment and commerce platform,” said Paytm founder and CEO Vijay Shekhar Sharma.

Tata had made the investment in Paytm in personal capacity. Last year, he made two such personal investments in e-commerce players Snapdeal and Urban Ladder.

Paytm’s ambition is to build 100 million wallets – which allow consumers to buy mobile recharges, tickets, deals and shop across 18,000 merchants – by this year end and the company at present has 25 million active wallets.

“Our average wallet balance is Rs.150 and we do one million transactions a day across Paytm app and other merchants (like Uber, BookMyShow etc),” Paytm said in a statement. IANS