Paytm Mall receives a cash influx of $110 million from its ace investors, SoftBank and Alibaba through a fresh round of funding. This funding fills up Paytm’s bag with a total of $220 million and increases SoftBank’s stake to 11.99% while bringing down Alibaba’s (along with Alipay’s) stake to 50.8%.
Paytm is looking to forward to focus more on its ecommerce arm, Paytm Mall. The company has been in third position in terms of overall sale in India. The first two spots in Indian ecommerce sector are secured by Flipkart and Amazon respectively.
Moreover, this infusion comes as the e-commerce industry seems to be getting intensely competitive with no dearth of funds. While Amazon India has its war chest full, Flipkart currently discussing a massive deal with Walmart.
Paytm Mall is going to devise new strategies to grow their business this year. The latest cash infusion will be used to bring more customers on its platform.