New Delhi: PayWorld, a leading electronic distributor of pre paid products plans to tap the explosive growth in the telecom and DTH businesses to establish the country’s largest retail chain providing online services. The company provides online services for verticals like prepaid recharges, bill collection, online reservation and plans to introduce loyalty programmes and facilitate financial transactions in near future.
PayWorld, an initiative of the Sugal & Damani group, pioneers of lottery business in India plan to have 50,000 fully operational terminals covering all 23 telecom circles by 2010. In the last six months, the company has grown its retail point base from 3500 to 6000 outlets. PayWorld’s existing distribution/ retailer network of over 6000 retail terminals spans across all metros, mini metros and major towns.
Commenting on expansion plans Kamlesh Vijay, group CEO, said, “The electronic distribution of different services are a natural extension of our online lottery business where technology and similar distribution methods have total synergy. The group experience in lottery distribution will be leveraged upon for success of this venture.“
PayWorld is set to witness a quantum jump in gross turnover this year. The FY 07 turnover was around Rs550 million and projected gross turnover for FY 08 is around Rs1500 million.
It uses multiple connectivity platforms like CDMA, GPRS and VSAT to provide a wide array of services and has tied up with all leading national and regional telecom service providers like Reliance, BSNL, Airtel, Vodafone, Idea and Tata. Soon the basket offering of services will include booking of railway, airline and bus tickets.