Paytm arm unveils online shopping portal Paytm Mall
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New Delhi: Paytm E-Commerce, the online marketplace arm of One97 Communications Pvt. Ltd, launched Paytm Mall, a mobile app and online shopping portal.
Paytm Mall is the new avatar of Paytm’s three year-old e-commerce business. According to a Paytm statement, Paytm Mall will allow customers to shop from 68 million products across categories such as fashion, electronics, consumer durables and home furnishings, from about 140,000 sellers.
Paytm said it will manage its deliveries through 17 fulfilment centres of third-party warehouse providers and those owned by sellers and will leverage the network of its 40 courier partners.
With Paytm Mall, Vijay Shekhar Sharma-led One97 Communications is looking to use the experience and expertise of Alibaba in taking over the e-commerce space at a time when incumbents are going through funding slowdown and a realignment of business.
Paytm Mall also marks the formal entry of Alibaba into the e-commerce sector in the country.
Mint reported earlier this month that Paytm E-Commerce was close to raising $180-200 million (around Rs1,210-1,350 crore) in an investment round led by Alibaba Group Holding Ltd., that will value the online retailer at about $1 billion.
Post the funding round, the combined shareholding of Alibaba and its affiliate Ant Financials is expected to be over 50% in Paytm E-commerce.
Mint had reported in August 2015, that One97 was looking to create separate businesses for commerce and payments.
Paytm had said in November that its gross merchandise value—or value of goods sold through the digital platform—had crossed $5 billion. About 20-25% of this came from Paytm’s e-commerce marketplace.
“Paytm Mall will offer a unique combination of the Mall and Bazaar concepts to Indian consumers,” the statement said.
Paytm Mall will focus on structured categories and brand authorised stores. It will also be focusing on electronics, top fashion brands and FMCG categories, while another section under Paytm Mall called Paytm Bazaar will focus on fashion, home furnishing and goods from small sellers.
“We have defined quality criteria for sellers and are building strict controls over warehousing and shipping for products sold on Paytm Mall. Consumers would continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app,” Saurabh Vashishtha, vice-president—Paytm said in the statement.
Besides Paytm wallet, customers will be allowed to make payments through credit and debit cards, net banking and unified payment interface modes. Paytm said it will also push wallet cash backs.
Paytm is also launching a revamped seller app that will be available in seven languages and enable anyone with a smartphone to set up a seller account on Paytm Mall.
Shareholders in Paytm E-Commerce include Alibaba Singapore E-commerce Pte. Ltd, Alipay Singapore Pte. Ltd, SAIF Partners and founder Vijay Shekhar Sharma, among others, documents filed with the Registrar of Companies show.
Shrutika Verma contributed to this story.