Jefferies sees Paytm becoming India’s largest merchant platform across online and offline channels, resurfacing a March 2026 note
Resurfacing a March 2026 report, Jefferies forecasts Paytm will reach ₹35 lakh crore in payments GMV and ₹12,500 crore in revenue by FY28, powered by merchant acquisition, Soundbox deployment and financial-services growth.
Jefferies expects Paytm’s merchant platform to become India’s largest across online and offline channels, driven by Soundbox adoption, payment-volume growth and merchant lending. It forecasts ₹35 lakh crore GMV and ₹12,500 crore revenue by FY28, with profitability improving.
Why this matters
The FY28 forecast follows Paytm’s in-app ITR filing partnership with ClearTax, its ₹220 crore Q1 profit and enterprise AI push, and an earlier plan to build about 50,000 retail outlets across India.
Omni-channel is steady, with 1,617 signals in the past 90 days; no QoQ change figure was provided.