Payworld eyes fivefold increase in revenue by 2018

Transaction service provider Payworld, promoted by Sugal and Damani Group, is eyeing fivefold rise in revenues in the country to Rs 10,000 crore by 2018 by strengthening retail outlets and expanding customer base, a top official said.
"Currently, Payworld operates in 18 states with revenues of Rs 2,000 crore. Payworld has set an ambitious target to achieve revenues of Rs 10,000 crore as part of increasing its retail footprint pan India to three lakh outlets," Payworld Chief Operating Officer, Praveen Dhabhai said.
The company has about 60,000 outlets and more than 150 million customers using its platform to do transactions for domestic money remittance, mobile and Direct To Home recharges, booking of air and rail tickets.

Last financial year, the company had about 88 million customers using its platform to do the transactions.
In Tamil Nadu, as part of the expansion plans, he said, the company would strengthen its presence in Tamil Nadu by doubling of its outlets.
Payworld has 1,500 outlets and plans to expand it to 5,000 over the next 12-15 months. Tamil Nadu constitutes 10 per cent of the company's total revenue, he said.