New Delhi: Mobile commerce platform Paytm Friday said it will spend Rs 500 crore on branding and marketing this year.
As part of its plans, the company earmarked an outlay of Rs 50 crore to be spent during the ongoing IPL cricket matches.
Paytm is an associate sponsor on Sony and is also the official partner of Mumbai Indians.
Funds would be raised through internal accruals.
"We have a marketing budget of Rs 500 crore for FY 2016, which would be used on offline brand development, on-line marketing initiatives and promos," Paytm Senior Vice President Shankar Nath told PTI.
In February, Alibaba acquired 25 percent stake in One97 Communications, the parent of mobile commerce firm Paytm.
Paytm had said it will use the funds to grow its mobile payment ecosystem and further boost its commerce user base.
One97 Communications is a mobile Internet firm, which runs Paytm mobile payment and commerce platform. It is backed by marquee investors such as SAIF Partners, Sapphire Ventures and Saama Capital.
Talking about the IPL campaign, Nath said Paytm aims to reinforce its position as the leader in the mobile commerce space.
"The campaign is led by TV and the thematic film tries to establish Paytm as the simpler, more convenient solution to a significant number of slice of life. The campaign would be amplified through radio, outdoor and other media vehicles," he said.
