India’s digital payments platform Paytm is gearing up to disrupt the e-commerce market in India as it plans to invest $2.5 billion to take pole position by dethroning Amazon and Flipkart from the top.
Chinese fashion etailers such as Shein and Ali Express are gaining popularity in India, due to a strong social media presence, and these Chinese e-commerce stores are now averaging 10,000 to 15,000 orders daily.
Japanese investor Softbank is the front runner to invest in online marketplace Paytm Mall’s latest funding round and expected to pump in 1932 crore rupees ($300 million) into the e-commerce entity of Paytm.
Wal-Mart Stores said on Monday it will offer Hudson’s Bay Co-owned department store chain Lord & Taylor dedicated space on its website, as it looks to make deeper inroads into the fast-growing online fashion business.
Alibaba, the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event.
Digital payments firm Paytm owned by One97 Communications Ltd is planning a capital infusion of Rs 5000 crore (approx $771 million) into its digital wallet arm to further expand its presence in the country.