Alibaba-backed Paytm will spend Rs 200 crore to expand its fashion category by helping small and medium businesses as well as bigger brands set up ‘online shops’ on its platform.
According to a PTI report: The digital payment company, which forayed into e-commerce in April last year, aims to facilitate monthly sales of about 2.1 crore items through its platform by the end of this fiscal in the fashion category.
“The fashion and apparels category has grown to more than four times year-on-year for us. Orders have leapfrogged from 3,00,000 a month to about 2 million orders and we see this growing to over 2 crore by end of the fiscal,” Vice President, Paytm, Sudhanshu Gupta was quoted by PTI as saying.
He added that the category is already a significant contributor to the company’s revenues but declined to share specific numbers.
“We already have significant share of online business for some of our partner brands. We also work very closely with brands like Unilever, L’oreal, Only, Vero Moda, Jack & Jones and more,” he was further quoted by PTI as saying.
Currently, 30 per cent of the sales volume comes from the branded players, while the remaining comes from the unstructured segment.
“We will continue to add more brands as well as players from the unorganised sector to enable them to market their products to consumers. Paytm has set aside a budget of Rs 200 crore exclusively for that objective,” Gupta was quoted by PTI as saying.