Home Retail Paytm to launch vehicle financing, insurance

Paytm to launch vehicle financing, insurance

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, one of the largest online and mobile commerce players in India, will launch this month, and will soon after offer service through third party partners.

Paytm to launch vehicle financing, insurance
Paytm claimed the top spot by clocking a 3x growth in online purchases April 2016 in the Cars & Bikes segment

The move will help expand and consolidate its footprint in the automobile market.

The portal has made excellent progress in the auto segment according to a company press release. The press release says Paytm claimed the top spot by clocking a 3x growth in online purchases April 2016 in the Cars & Bikes segment.

According to the press release: 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.

The company sold about 1,000 motorcycles in April this year, while contributing to five per cent of Hero Electric’s pan-India total month sales.

Presently, Paytm has over 800 dealers already functioning in their network and local commerce is being used to build this category.

Vice President, Paytm,  said, “Overall 2-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 4-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.”

Currently, Paytm offers vehicles from major brands like Honda, Hyundai, Maruti Suzuki, Mahindra, Datsun, Hero, Yamaha and Mahindra.