New Delhi: Paytm, the largest payment and commerce platform, has shown great potential in the Cars and Bike category by clocking a galloping triple growth in online purchases.
The company sold over 1000 bikes in the month of April this year, while contributing to 5 percent of Hero Electric’s pan India total month sales. Orders for two-wheelers came from over 100 different cities spread across 18 states in April. Customers from as far as Tinsukia in Assam and Ranipet in Tamil Nadu purchased bikes on Paytm.
In order to gain a strong hold in the automobile market, Paytm will launch the service of vehicle financing this month followed by offering insurance service in the coming months through third party partners. Presently, Paytm has over 800 dealers already functioning in their network and local commerce is being used to build this category.
The Paytm advantage for all prospective buyers lies in the expansive range of bikes on the platform, the lucrative customer offers and the hassle free buying experience. To leverage this advantage, Mahindra launched Gusto 125 model exclusively on Paytm in April.
Through the Paytm app a user can book the motorcycle variant as per the ex-showroom price that they wish to purchase. The dealers in the Paytm network fulfill these orders and provide convenience throughout the entire process.
On the announcement, Vice President Paytm, Renu Satti said, “Overall two wheeler industry is around 16 million units (number of vehicles), and we are targeting at selling half a million bikes this year. By next quarter, we will have the largest network of dealers on our platform with an integrated solution for a customer looking to buy a bike. We also plan to do a few exclusive launches with OEMs like we did for Mahindra Gusto 125 last month.”
On the strategy towards the four wheeler category, she further added, “We aim at becoming the preferred one-stop solution for booking a car, getting financing and other related services like car insurance. We are speaking to the OEMs and third party partners to enable it on our platform.”
The announcement of a triple growth in the cars and bikes segment showcases Paytm’s prowess in their local commerce approach. Currently, the brands that Paytm offers in the car and bike segment comprise Honda, Hyundai, Maruti Suzuki, Mahindra, Datsun and Hero, Yamaha, Mahindra respectively.
