Paytm Mall has raised close to Rs 2,900 crore from SoftBank Investment Holdings and Alibaba.com Singapore e-commerce in a deal that values the online shopping venture of Paytm at $2 billion. Also Read - Paytm brings '2 pe 200 cashback offer' on DTH recharges ahead of IPL 2021
About $400 million (about Rs 2,600 crore) has come from SB Investment Holdings (U.K.) and its affiliates, including SoftBank Vision Fund, according to a regulatory filing by Paytm e-commerce. About $ 45 million (about Rs 292.5 crore) has been pumped in by Alibaba.com Singapore E-commerce, it added. Also Read - Holi Special Sale on Amazon, Flipkart, Paytm: Up to 40 percent discount on Samsung, iPhone, Vivo, Poco phones
The deal, which has been executed through a private placement offer, values Paytm Mall at over $2 billion. Also Read - Top 5 UPI apps you can use to transfer money in India: GPay, Paytm, more
When contacted, Paytm Mall’s Chief Operating Officer Amit Sinha said the latest investment led by SoftBank and Alibaba reaffirms the strength of the company’s business model, growth trajectory and execution capability.
“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 superior technology and building logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers,” he added.