Paytm has its sights set on becoming a significant player in the ecommerce space with its ecommerce unit Paytm Mall. Founder Vijay Shekhar Sharma said that Paytm plans to invest up to $2.5 Bn to grow its nascent online shopping portal business within three to five years as it eyes top spot currently being fought over by Flipkart and Amazon.
Sharma told ET that Paytm’s ecommerce unit Paytm Mall has a “real good shot” at reaching the top spot even though online shopping business, as such, is a long-term bet and certainly “not for the faint hearted”.
“This is a marathon. It is absolutely not about this month’s number versus next,” said Sharma, who sees the ecommerce business as booming, but with long gestation.
“As an ecommerce business, we started six months ago and we are nearly half of the large companies. It has grown so fabulously well that we believe that we have a real good shot in the longer horizon, in 3-5 years, of (reaching) the top spot,” he said.
Sharma added that the process of fund raising would start in January to March quarter of 2018. He also revealed that the company has already seen investor interest coming from various geographies.
“We have actually not started our fundraising process. We have interest from people, and we will probably look at it in next few months and decide the amount of money and who (will be the investors),” he said.