New Delhi: Paytail, a fast-growing tech platform to enable consumer access EMIs in offline stores has experienced remarkable growth in FY23, with quarterly growth of >70% and annual growth of 9X. In FY 23, the total disbursals by Paytail stood at ₹1200 crores as against ₹142 crores in FY 22. The company attributes the growth to its expanding distribution network of retail merchants and corporate partnerships. Paytail’s distribution network includes 85,000+ merchants, and the company aims to expand this network to about 400,000+ in the next 2-3 years. The company has started delivering operating profit and is geared to scale the business sustainably.
“This is a significant milestone for us. The key to our success at Paytail is our commitment to creating a strong, sustainable business model. We’re not just focused on short-term growth – we’re building a platform that will continue to deliver value to our customers, merchants, corporate and lending partners for years to come,” said Vikas Garg, founder & CEO, Paytail.
Paytail’s platform operates a network comprising corporates, lending institutions, retail offline merchants, and consumers. By partnering with corporates and retail merchants, the platform facilitates credit provision to consumers for purchasing products, which are delivered through partner financial institutions. Paytail strictly adheres to RBI guidelines and compliance regulations. Notable lenders on the platform include ICICI Bank, Cholamandlam, HDB Financial, Piramal, and others. The brand’s tie-ups include significant players in the consumer durable industry as well as the uncatered EV space. Some of the key names in the list include Vivo, Oppo, Voltas, Bluestar, and Livguard, among others.
The company is targeting another 5X-6X growth in the current financial year while maintaining a healthy level of profitability balance. Paytail has achieved an impressive feat of zero cash burn and operating profitability within just two years of inception while maintaining a good growth rate. This achievement places Paytail among the few fintechs that have been able to accomplish this milestone. The company is optimistic about the future and expects this number to grow significantly in the coming months as they continue to scale up their operations.
“As we continue to expand our distribution network and build partnerships with leading brands and merchants, we’re confident that Paytail will become the go-to platform for affordable and convenient EMI options. Our focus on delivering value to our customers and partners is what sets us apart and ensures our long-term success,” Vikas added.
With a goal to provide convenience, speed, and affordability to customers, Paytail is disrupting the $1 trillion offline commerce market. The company is ensuring that potential buyers never leave without making a purchase from one of its partner stores, thereby transforming merchants’ selling experiences through scalable technology solutions. Additionally, Paytail has some of the largest lending franchises in India on its platform, ensuring a regular stream of capital supply and providing greater value to its merchant partners and customers.
In the next 3 years, Paytail is gearing up to become the largest affordability service provider for offline stores beyond Tier 1 cities and is looking to enter underserved states in the Southern and Eastern parts of India.