Home Retail Paytm Mall raises close to Rs 2,900 crore from SoftBank, Alibaba

Paytm Mall raises close to Rs 2,900 crore from SoftBank, Alibaba

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has raised close to Rs 2,900 crore from and Singapore e-commerce in a deal that values the online shopping venture of Paytm at US $2 billion.

Paytm Mall raises close to Rs 2,900 crore from SoftBank, Alibaba
The latest investment led by Softbank and Alibaba reaffirms the strength of the company’s business model, growth trajectory and execution capability

According to a regulatory filing by Paytm e-commerce, an aggregate amount of US $400 million (about Rs 2,600 crore) has come from SB Investment Holdings (UK) and its affiliates, including SoftBank Vision Fund. About US $45 million (about Rs 292.5 crore) has been pumped in by Alibaba.com Singapore E-commerce, it added.

According to a PTI report: The deal, which has been executed through a private placement offer, values Paytm Mall at over US $2 billion.

When contacted by PTI, , COO, Paytm Mall 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 was further quoted by PTI as saying.