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India's Paytm may enter two more developed markets in 2019 - CFO

Published 2019-01-24, 01:08 a/m
Updated 2019-01-24, 01:10 a/m
© Reuters. India's Paytm may enter two more developed markets in 2019 - CFO

Jan 24 (Reuters) - Digital payments company Paytm is considering foraying into 1-2 more developed markets in 2019, Chief Financial Officer Madhur Deora said on Wednesday at the World Economic Forum in Davos.

Paytm has already found its footing in Canada and Japan, and several commerce and financial services verticals of the company have begun to churn out revenue and profits, Deora told the Reuters Global Markets Forum.

"We have found the developed markets to be very interesting," Deora said.

While the company can't commit to a definite launch in other markets, it is working on building a scalable business, he added.

Berkshire Hathaway (NYSE:BRKa) Inc BRKa.N bought a 25 billion rupees ($356 million) stake in Paytm's parent company One97 in August last year. founded in 2010, which counts China's Alibaba (NYSE:BABA) Group BABA.N and its financial services arm Ant Financial Services Group among investors, faces intense competition from other players such as Google (NASDAQ:GOOGL) Pay and state-backed Unified Payment Interface (UPI).

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