11 February, 2016, India: After getting backed up by Alibaba, one of India’s biggest ecommerce giants is on its move to raise another $400 million to develop its new payment option. The sources revealed that the company is planning to acquire the amount by the end of June and once its bag is full with funds, it will launch its new venture called ‘Paytm Payment Bank’.
In its recent development, it is reported that Paytm had approached Flipkart and was in early talks with another ecommerce hulk of the country. Both are in the process of finalising deal on how both can move hand in hand to outrun not only their national counterpart Snapdeal but also the international one, Amazon.
“Early talks have been about creating a structure where the marketplaces of Paytm and Flipkart could be combined,” an official told to media (name cannot be disclosed). The decision for Paytm to raise more money instead was taken earlier this month in Hangzhou, China, where Paytm founder Vijay Shekhar Sharma attended the company’s board meeting. As per the decision made in the meeting, Sharma will own 51 per cent stake in the new venture (Paytm Payment Bank) and rest 49 per cent will be owned by the company.