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Paytm eyes revenue increase to $1bn as fintech grows in India

Digital payment unicorn banks on expansion and lower costs to turn profitable

The parent company of the Indian payments startup Paytm is heading for a $2.2 billion initial public offering.   © Reuters

MUMBAI -- Indian digital payment startup Paytm plans to offer a slew of new products in an effort to more than double revenues to $1 billion and tap the country's booming financial services market.

Paytm, whose parent One97 Communications is heading for a $2.2 billion initial public offering, wants to expand into lending, mutual funds, insurance and gold sales, sources with knowledge of the matter said. The company wants to boost revenues to $1 billion over the next two to three years, despite an 11% fall to 31 billion rupees ($429 million) in the year to March. Paytm's services are used by around 330 million people.

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