According to the latest report from the Wall Street Journal, the Paytm is on the verge of introducing their first instant messaging feature in their app. The updated app may be rolled in two weeks and will be initially available for beta testing. However, the Paytm already admitted that they have been working on the messaging feature from last three month.
Paytm has currently 225 million users in India currently and they are eyeing on to diversify its users base by adding a messaging feature to their app. Notably, the company is backed by Japanese multinational firm SoftBank who invest a fund of whopping $1.4 billion in Paytm in order to diversify its business in India.
Nonetheless, with this latest update Paytm initially try to cater the domestic player like Hike messenger who has currently 100 million users in India. And if this strategy succeeds it would probably follow the WhatApp footprint who has currently acquired 200 million active users in India with 1 billion active users worldwide.
Paytm is looking forward to making a bigger footprint in India. Previously, the company acquired a majority stake in Insider.in (India’s leading ticketing platform for events and properties). The company also received an investment of $5 billion from a Taiwan based investment company Mountain Capital.
Paytm is the largest electronic payment and e-commerce company in India. It has 13000 employees and 3 million offline merchants across the country. It has become the first company to raise a funding of $625 million from the e-commerce giant Alibaba.