Paytm is looking to increase its workforce significantly by adding over 20,000 sales executives. The financial services company will be increasing its sales team ahead of its planned Rs 16,600-crore initial public offering (IPO) to compete with other payment platforms like PhonePe and GooglePay.
The sales executives will promote Paytm’s products, including QR codes, POS machines, Paytm Soundbox, Paytm wallet, UPI, Paytm Postpaid, merchant loans and insurance offerings, to various merchants.
The company has not released an official statement yet on the matter but the company has unveiled its Field Sales Executive (FSE) programme, built to provide jobs to undergraduates. A sales executive will be able to earn Rs 35,000 on top of any commissions and bonuses. The only requirements to become an FSE are they should own a smartphone; be above 18 years; should have passed Class 10 or Class 12 exams or be a graduate. National Payment Corporation Ltd data revealed that Paytm had 11 percent of market share in UPI payments, while rivals PhonePe had 45 percent, and Google Pay 35 percent, in May.
Paytm will reportedly open its IPO later down the year near October. The company had filed its draft prospectus with regulator SEBI in July. The company will be looking to raise Rs 8,300 crore via equity along with another Rs 8,300 crore, which will be raised through an offer-for-sale of shares held by Vijay Shekhar Sharma and Alibaba group firms. Paytm had previously said it would use Rs 4,300 crore from the IPO to expand its market share by acquiring customers and merchants.
(Edited by : Shoma Bhattacharjee)