Thursday, 20 September, 2018

SoftBank, Alibaba invest Rs2,900 crore in Paytm Mall

Paytm Mall Image credit Paytm
Pete Mitchell | 04 April, 2018, 01:56

Mumbai: Softbank Group is investing $400 million in e-commerce portal Paytm, in a fresh funding round, which would propel the company's valuation to roughly $1.9 billion, according to a regulatory filing on Monday. "The funds will be deployed for empowering the shopkeepers with technology, building superior logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers".

SoftBank and GCL's new venture will eventually have a capacity of 4GW and will be implemented in two 2GW phases. Japanese investment giant Softbank will contribute Rs 2,600 crore in the round while rest of the contribution will come from Alibaba. The first tranche of Rs. 357.5 crores has already made its way to Paytm Mall. SoftBank is also an investor in Paytm, while online retail rival Flipkart also received funding from the Japanese company a year ago. Later in December 2017, it was reported that Paytm was planning to invest around $2.5 Bn in its ecommerce arm within the next three to five years. The Japanese group is also one of the biggest investors Indian e-tailer Snapdeal.

Paytm Mall, which competes directly with Flipkart and Amazon, now has a presence in 700 towns across India. This will be SoftBank's second investment in an online retailer in India. The startup also boosts good numbers and tractions, with the company claiming that its GMV (gross merchandising value) has touched the run rate of $3 billion.

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The company now works with offline stores in partnership with brands such as Samsung, LG, Lenovo, Intel, Red Tape, Canon, HP, Godrej, Hitachi, Bluestar, Whirlpool, Bosch, IFB and Intex among others. Currently, they hold 57 per cent together, and it will go down to 46 per cent while SoftBank Vision Fund will hold 21 per cent.

Owing to its different business model, Paytm Mall has certainly earned a niche for itself in the highly competitive e-commerce market.

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