Chinmay Bidkar
27 September 2017, India:
Paytm Mall is all set to raise a fresh round of $460-610 million and looking for potential investors from Asia and US as per the report by ET.
Noida-based Paytm Mall looks to compete with Flipkart and Amazon for the numero uno position in the Indian e-commerce marketplace. It was launched as an initiative to bridge the gap between offline and online shopping, works with retailers and brands to build their online stores integrated with supply chain in a partner model.
Paytm Mall which started off with the same shareholding as the parent company of Paytm, One97 Communications Limited, raised $200 million from SAIF Partners and Alibaba Group Holding. The entity is currently de-merged from it’s e-commerce business into a separate entity, much like to one of its backers Alibaba’s TMall in China.
Paytm is one of India’s largest mobile payments and commerce platform. It started with online mobile recharge and bill payments and has an online marketplace today. In a short span of time, it has scaled to over 250 Million registered users. Paytm is the consumer brand of India’s leading mobile internet company One97 Communications. One97’s investors include SoftBank, SAIF Partners, Alibaba Group, Ant Financial (Alipay) and Mediatek. (Image- Paytm)
Also Read: Paytm Mall, Alibaba Might Infuse $200 Million in BigBasket