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This deal, industry experts says, values Paytm Mall at around $2 billion and gives Paytm's online shopping venture more financial muscle to take on giants like Flipkart and Amazon
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Updated : Apr 03, 2018, 05:40 AM IST
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Paytm Mall has raised close to Rs 2,900 crore Paytm E-commerce said in a Registrar of Companies (ROC) filing late Monday evening. An aggregate amount of $400 million (about Rs 2,600 crore) has come from SB Investment Holdings (UK) and its affiliates (including SoftBank Vision Fund) and another $45 million (about Rs 292.5 crore) has been pumped in by Alibaba.com Singapore E-commerce, the company said in the regulatory filing. The funds will be pumped into the company in multiple tranches.
Amit Sinha, chief operating officer, Paytm Mall, said the latest investment lead by Softbank and Alibaba reaffirms the strength of the company's business model, growth trajectory, execution capability and the potential of India's massive O2O model in the retail space. "We are committed to increasing the business growth for the offline merchants, who serve their customers' daily. 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," said Sinha.
This deal, industry experts said, values Paytm Mall at around $2 billion and gives Paytm's online shopping venture more financial muscle to take on giants like Flipkart and Amazon.
Interestingly, SoftBank Vision Fund is also an investor in Paytm Mall rival, Flipkart where it had led a $2.5 billion financing round last year becoming one of the largest shareholders in the Bengaluru-based company.
Prior to this latest round of funding, Alibaba and Alipay together held over 56%, while Paytm founder Vijay Shekhar Sharma's holding stood at more than 12%. SAIF Partners held over 24% stake.
The deal, which marks SoftBank's first funding in Paytm Mall, will see the Japanese entity holding over 20% stake after the transaction is completed.
In May last year, Softbank had made its biggest investment in an Indian digital enterprise of Rs 9,000 crore ($1.4 billion) in One 97 Communications that runs mobile payments services provider, Paytm.
