Leading mobile wallet company Paytm has achieved a subscriber base of 200 million users, according to a tweet put out by founder & CEO, Vijay Shekhar Sharma, who also spoke about the next target being 500 million users by year 2020. In a tweet on Monday, Sharma said, “Double century! Next milestone, 500 Mn by 2020. Thank you India.”
The post also gives the breakup with total wallets being 200.3 million, new users added at the rate of 0.7 million per day, total balance in wallets at Rs 899.11 crore. Lastly, the wallets with money or saved cards stood at 106.8 million, the tweet added.
The mobile wallet company also on Monday launched its e-commerce operations called the Paytm Mall. It will have products across categories such as fashion, electronics, consumer durables and home furnishing with 68 million products from 1,40,000 sellers.
The launch of this e-commerce operations also marks an entry of sorts for Chinese online retailer Alibaba which is the major investor in Paytm. Paytm’s e-commerce business is also in the final stages of raising $180-200 million in an investment round led by Alibaba, which will take this new entity at a valuation of $1 billion. The move towards demonetisation on November 8, 2016 came as a big boost for Paytm, in terms of subscribers addition. FE