Paytm forays into mobile entertainment space with Gamepind
On Monday, Chinese gaming and entertainment company AGTech Holdings Limited and Indian financial services player Paytm announced the launch of Gamepind, an innovative mobile platform that offers a host of popular social and casual games.
To gain an increasing pie of the Indian mobile entertainment market, Gamepind will be available both through the Paytm app and as an independent app.
What does it mean for Paytm?
Paytm claims Gamepind will enhance its customer experience through a rich portfolio of games and entertainment content, including casual games, contests, and sports games, combined with an engaging shopping experience.
This also will act as a marketing and promotional platform for merchants to engage with consumers.
Speaking on the occasion, Vijay Shekhar Sharma, Founder and CEO of Paytm said,
“India's young consumers are experimenting and discovering more entertainment options on mobile. Mobile game is, therefore, growing in the country and becoming big with mobile users. We are happy to partner with AGTech to build an incredible mobile game and entertainment destination. AGTech's expertise and experience in global mobile game market will help us accelerate our plans in game and entertainment business and bring exciting content to our users.”
Listed on the Growth Enterprise Market of the Hong Kong Stock Exchange (Stock Code: 8279), AGTech is an integrated technology and services company engaged in the mobile games and entertainment market.
The launch of this mobile entertainment product signals AGTech’s first major international initiative expanding its footprint in the Indian subcontinent since becoming a member of the Alibaba Group.
AGTech holds 45 percent stake in the joint venture, while Paytm owns 55 percent stake.
Similar to Paytm, AGTech’s investors include Alibaba Group and Ant Financial.
Speaking on the occasion, John Sun, Chairman and Chief Executive of AGTech said,
“We are excited to partner with Paytm to localise this unique platform for its 300 million and growing registered customer base by combining Paytm’s local resources and our expertise in mobile games and other user engagement activities. A member of Alibaba Group and Ant Financial Group, we have been active in looking for international expansion opportunities capitalizing on the vibrant ecosystems of Alibaba Group and Ant Financial Group.”
“As AGTech’s first strategic international expansion, this joint venture lays the foundation for future collaborations as the company continues to globalise its business by strategically working with leading local partners in overseas markets,” John added.
App analytics provider App Annie, in a recent report, said India accounts for nearly 58 billion downloads of the world’s 175 billion.
In its 2016 report, App Annie stated that India became the fifth biggest gaming market globally. It also stated that the total game revenue in India is estimated to reach as high as $1.1 billion by 2020, from both local and foreign publishers.
While being a new foray for Paytm, the company has been executing its ‘super-app’ strategy since last year, diversifying from just payments to providing services like book and bus ticketing on its app.