The latest Funding Comes With Two Important Senior Leadership Changes As Well
With lost hopes in Snapdeal and Flipkart no more in its portfolio, SoftBank is now adamant to play its game in Indian ecommerce with Paytm Mall. Just two months after receiving the commitment of $445 Mn from SoftBank and Alibaba, Paytm Mall has received the final tranche of $225 Mn from both its investors.“Today offline stores drive over 60% of all sales on our platform — we have partnered with around 75,000 stores and aim to triple our offline presence by the end of 2019. We believe that with a size of 15 million retailers, Online-to-Offline retail is the way forward in India,” stated the blog.
According to the regulatory filing, SoftBank’s investment arm SB Investment Holdings pumped in close to $200 Mn (INR1,341 Cr) while Alibaba put in $25 Mn (INR 167 Cr) in the ecommerce company. SoftBank looks to take up a 21% stake in Paytm Mall with this funding, while Alibaba will hold 46%, as per a TOI report.