SoftBank, Alibaba pump Rs 3000 crore in Paytm Mall
today Jun 14, 2018
Paytm Mall, the ecommerce entity of Paytm has received funds of Rs 3000 (approx $445 million) from its existing investors Softbank and Alibaba.
The latest fundraise will be crucial for Paytm Mall, especially after Walmart’s acquisition of Flipkart and Amazon’s recent announcement to further invest in the Indian market. Paytm currently is the third largest e-commerce platform in the country and aspires to be the top e-commerce firm in the coming years.
Paytm has already stated that it will invest 2-2.5 billion dollars in e-commerce as it aims to reach the top in India’s e-commerce market in 3 to 5 years.
Paytm E-commerce, which runs Paytm Mall in exchange, has issued a total of 237,705 shares to SB Investment Holdings (UK) and Alibaba.com Singapore E-commerce.
The issuance of 211,293 shares to SB Investment Holdings and 26,412 shares to the Alibaba entity was approved by the Board of Paytm E-commerce on June 6, 2018, the documents added according to a PTI report.
Paytm Mall is keen on rapidly expanding its base in India and already started talks to raise funds with other investors to help the firm with its expansion plan.
Paytm Mall currently delivers to 17,000 pin codes across India and they are continuing to increase that number. The business has also partnered with an array of brands over the past two months including the fashion brands Puma, Levi’s, Vero Moda, Lee, Fossil, Pepe, and Van Heusen.
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