Paytm Mall Gains Unicorn Status: Raises $445 Mn Funding From SoftBank, Alibaba

SoftBank said in 2015 that it would invest up to $20 billion along with Foxconn Technology Co Ltd and Bharti Enterprises in solar projects in India which has a goal of generating 100 gigawatts of power from solar by 2022

SoftBank is investing Dollars 400 million (approximately INR 26 billion) in Indian company Paytm E-Commerce, in a funding round that values the online retailer at USD 1.9 billion, Reuters reports, citing a regulatory filing.

He further added that the funds will be deployed for empowering the shopkeepers with superior technology, building superior logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers.

It will also lead to dilution of Alibaba and Alipay's joint shares in Paytm Mall.

Of the total funds invested, Rs 2,600 crore will come from SoftBank, while Alibaba will put in the rest.

"This latest investment led by SoftBank and Alibaba reaffirms the strength of our business model, growth trajectory, execution capability and the potential of India's massive O2O (online-to-offline) model in the retail space", Amit Sinha, COO, Paytm Mall, told the Economic Times.

The deal values Paytm Mall, run by Paytm E-commerce Pvt.

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The funding will happen in four tranches, with the first tranche already been allotted to Paytm Mall, according to sources familiar with the matter. The Japanese group is also one of the biggest investors Indian e-tailer Snapdeal.

Like this report? Sign up for our daily newsletter to get our top reports. While the parent company Paytm has been busy revamping its app, it's ecommerce subsidiary Paytm Mall has secured $445 Mn in a funding round by SoftBank and Alibaba. Paytm Mall, ever since its inception in 2016, has steadily emerged as a respectable competitor to Amazon and Flipkart.

Paytm Mall, which competes directly with Flipkart and Amazon, now has a presence in 700 towns across India.

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

Paytm Mall now serves 700 towns across India. The platform Paytm Mall is inspired by Alibaba's T-mall in China.

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