Digital payments leader Paytm today announced it will invest ₹250 crores in its travel business over the next six months. The company will use the funds for scaling up the product & technology team, setting up new business verticals and growing the market share in existing travel verticals.
Abhishek Rajan, Senior Vice President at Paytm Travel said, “We continue to witness strong growth in tier 2 & 3 cities, which accounts for over 65% of our new customers. We believe, our sharp focus on solving customer pain points and creating unique product experiences has helped Paytm to become the preferred travel booking destination of more than 15 million travel users. This investment will help us further bolster our position as a dominant player in the travel booking space.”
Abhishek Rajan, added, “We have introduced a host of customer-friendly product features on our app that have immensely simplified the travel booking experience and effectively address the needs of the Indian traveller. Our users have saved more than 60 crores from our free cancellation feature on flight and bus ticket bookings. We are perhaps the only player in the travel industry that doesn’t charge a fee for processing flight ticket cancellation requests. This is a reflection of our strong customer-first philosophy.”
Paytm sells more than 6 million travel tickets every month. A large chunk of the travel ticket bookings on Paytm is driven through its mobile app. The company has chosen Bengaluru as the base of operations for its Travel Business where it has setup a team of 300+ members.