05 Jul Paytm: unicorn startup with goal of 800 million users.
Posted at 05:18h in Business, Design, Growing Business, New Business, sme, startups, Technology 0 Comments
Paytm is an Indian based payment application with over 200 million users. One of the many tech based unicorns (a startup valued at over $1 billion) to come out of the smartphone revelation. The real driving force behind their growth is how quickly they can react to the changing financial environment, namely the demonetization of the currency in India.
The legislation was designed to crack down on corruption and force the people to ditch their cash based economy. When this legislation came into effect there was chaos in banks and at ATMs all over India. This had such an enormous effect on the people of India as many didn’t even have bank accounts. Paytm took advantage of this by putting full page ads in local papers saying ‘Paytm accepted here’ allowing businesses to continue trading without the need for physical currency. This versatility has allowed
This versatility has allowed Paytm to grow to over 200 million users since its launch in 2010, but according to CEO Harinder Takhar, this is only the beginning. “India alone has at least 1.2 billion people, we think at least 800 million of them should be on our app.” The company also has investment from Alibaba and Ant Financial (the investment division of Alibaba’s online payment platform). This has been a great relationship for Paytm as they have been able to take advantage of Alibaba’s experience in the online payment arena to grow and develop the next version of the platform.
From this it’s easy to see how a little perspective and versatility can make your business a real contender. Taking advantage of opportunity, big or small can net great returns for any size business. Take this approach to social media for example; find any relevant campaigns or commemorations e.g. April Fools Day and take advantage of the boost in traffic by posting something relevant to boost your own online profile.
Here’s an example from Samsung’s Facebook page from April Fools day last year.