Online e-commerce marketplace Paytm Mall, operated by Delhi-based Paytm E-commerce Private Limited, is set to raise Rs 2892.5 crore (around $446 million) from Japanese Internet conglomerate SoftBank and existing investor Chinese e-commerce behemoth Alibaba, filings with the Registrar of Companies show.
Softbank Vision Fund (SBVF) and GCL Group holding company have signed a memorandum of understanding (MoU) to launch a US$930 million joint venture in the Indian state of Andhra Pradesh, primarily to manufacture PV ingots, wafers, solar cells and modules.
Various media reports said the deal values the ecommerce firm at around $2 billion. Paytm Mall has already received the first tranche of this round, which is Rs 357.5 crore. Ltd, between $1.6 billion and $2 billion, two people close to the development said, on the condition of anonymity.
The investment will also give SoftBank a deep presence in the Indian e-commerce sector.
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Interestingly, SoftBank Vision Fund is also an investor in Paytm Mall rival, Flipkart where it had led a Dollars 2.5 billion financing round past year becoming one of the largest shareholders in the Bengaluru-based company.
Paytm E-Commerce competes with Amazon.com's Indian unit and home-grown Flipkart.
Paytm Mall claims a run rate of $3 billion in GMV (gross merchandising value) and says it is aiming for a $10 billion run rate at the end of fiscal 2018-2019. Meanwhile, SoftBank and Ebay have written off their investment to Snapdeal.
According to the company, offline stores registered on its platform drive over 60% of sales.
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One97 Communications Ltd, the parent entity that owns brand Paytm, spun off the e-commerce business into a new mobile application and a separate website in February 2017.
ET reports that Alibaba now holds 57% in Paytm Mall.
Paytm Mall's increasing popularity has also given the firm a default third position and consequently making the e-commerce market a three horse race competition.
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