With utility vertical comprising electricity, water, telephone and gas bill payments, Paytm plans to do a GMV of Rs 12,000-13,000 crore by tapping this lucrative space.
The recently launched utilities and bill payments segment of Paytm is already witnessing a massive growth of 200% month on month, claims the company. The overall addressable size of this market is Rs. 75,000 crore.
The company has tie-ups with around 30 power & water distribution companies and by the end of the next quarter it seeks to double this number. The expansion will also cover state water distribution and piped gas boards so that an increased number of customers pan-India can enjoy the convenience of paying their bills quickly on Paytm app & website.
Paytm is looking to expand its customer base from the present 120 mn to 500 mn by 2020. Last month, the company clocked around 2.5 million transactions in this segment.