Payworld expects to double revenue in FY23, increase transaction by 40%

Fintech firm Payworld expects to increase gross transactions on its platform by about 40 per cent and double net revenue in the next financial year, a top official of the company said.

Payworld CEO Praveen Dhabhai told PTI that the company expects gross transaction value (GTV) on its platform to grow about 46 per cent to Rs 11,000 crore in the current financial year from Rs 7,500 crore it recorded in 2020-21.

“This financial year we will close at about Rs 11,000 crore and for the next financial year we want to grow our GTV by 40 per cent but we are planning to almost double our net revenue,” Dhabhai said.

Payworld provides a platform to retailers for selling train tickets, Aadhaar-enabled payment services, mutual funds,insurance sale, Fastags etc.

Dhabhai said the company is adding more services and partnering with B2B e-commerce platforms to enable retailers to source products directly without any need for visiting wholesalers or distributors.

“We add 25,000-30,000 retailers every month and out of them few become active. There is a gestation period for a retailer to become active. Our target is to reach a million as soon as possible. Right now we have 8,00,000 retailers,” he said.

Payworld is looking to increase its headcount by about 100 people in the next financial year to support growth.

“Presently our complete strength including customer services and technology is close to 350. And then (next fiscal) we will be having around 450 people. The main focus will be on adding people to the product team, not in sales,” Dhabhai said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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