10 Crore Out of Paytm Wallet

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Paytm to spend 10 crore to market in Makein-India products on its platform covering products ranging from phones to clothes and home furnishings. 


 The startup will launch a new section on its app and website for Indian-origin products with greater visibility, targeting at least 5,000 merchants by the end of the year. PM Modi's Make in India initiative is aimed at turning the country into a manufacturing hub to generate jobs and lift incomes. 

                                           

"We see the abundance of talent and capability in manufacturing and handicrafts in our country and aim to create a special platform where such indigenous creators can sell across the country," said Sudhanshu Gupta, VP, business. Gupta said he expects these sellers to reach about `. 100 crore monthly gross merchandise sales in the next few months. 

The move comes a week after Amazon said it had set up dedicated Make in India stores on its India and US websites. 

Gupta said Paytm has a multistage verification and quality control process. "This helps us in identifying quality sellers and products," he said. 

Last month, Paytm said it expects to triple gross merchandise value (GMV) to $10 billion by December 2016 on the back of strong growth in transactions on its marketplace.

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