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Paytm to hire over 20,000 sales execs ahead of IPO

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(This story originally appeared in 65532262 on Jul 28, 2021)

Paytm is hiring over 20,000 field sales executives across the country, ahead of its initial public offering (IPO). The move by the major comes against the backdrop of stiff competition from several rivals, including PhonePe and Google Pay.

The new recruits will have an earning potential of around Rs 35,000 every month and will be used to promote Paytm’s entire portfolio including QR codes, POS machines, Paytm Soundbox as well as other products across the company’s ecosystem, such as wallet, UPI, Paytm Postpaid, merchant loans and insurance offerings, sources said.

While a Paytm spokesperson did not comment on the matter, the Noida-headquartered digital payments major has recently launched its field sales executive programme, with an aim to provide employment opportunities to undergraduates.

The company is looking to launch its Rs16,600-crore IPO by October. As of May, Paytm had around 11% market share in UPI transactions, while Phone-Pe had 45%, followed by Google Pay with 35%, showed data from NPCI. According to the draft prospectus which it filed earlier this month, Paytm, which was last valued at $16 billion, said, it will use Rs 4,300 crore of IPO proceeds to acquire consumers and merchants.

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