Ecommerce and payment platform, Paytm has launched a consumer shopping app, Paytm Mall for its users. It is inspired by the model of China’s largest business-to-consumer (B2C) retail platform, TMall.
According to ET, the launch of the application comes as Paytm is aiming to raise a new round for this demerged entity – Payments bank and ecommerce platform – which will raise the combined majority stake of its major investors Chinese ecommerce major Alibaba and payments affiliate Alipay.
The Paytm Mall is a new version of its three-year-old ecommerce arm and will offer a combination of the mall and bazaar concepts to Indian consumers. With the help of Paytm Mall, consumers will now be able to shop from 1.4 Lakh sellers for millions of products across categories like fashion, electronics, consumer durables and home furnishings among others at their convenience.
Currently available on Android, the Paytm Mall will also launch an upgraded version of the Paytm Seller app. The latest version will be available in seven regional languages and would allow anyone with a smartphone to set up an online shop on Paytm Mall.
There is a strict quality guidelines and qualification criteria which sellers have to pass to use the platform. All products listed on the mall will also go through a Paytm-certified warehouse and shipping channels ensuring guaranteed consumer trust. With over 17 fulfilment centres across India, the platform also plans to offer sellers the widest reach through its vast network of over 40 courier partners.
The Paytm Journey
Noida-based Paytm started out as a mobile payments and recharge business. But over the years, the Alibaba-backed company has built its ecommerce marketplace by selling apparel, footwear, smartphones, bus tickets, and movie tickets. It has created a web of payments in the offline and online channels where consumers can transact via the Paytm wallet.
In April 2015, One97 Communication’s flagship brand, Paytm had launched an app called Paytm Zip to connect users to both local offline as well as online grocers. In December, 2016 it had announced a toll-free number 1800-1800-1234 which allowed users to pay and receive money instantly without an Internet connection. The feature was aimed at feature phone users and non-smartphone users. In January 2017, Paytm finally received permission from the Reserve Bank of India to formally launch the Paytm Payments Bank.
Earlier this month, Mint reported that Paytm was in discussions to close $180 Mn-$200 Mn in a new round of funding to be led by Alibaba Group Holding Ltd., that will value the company at $1 Bn.
Recently, co-founder Vijay Shekhar Sharma posted on its Facebook Page that Paytm has crossed first milestone for this year by having 20 Cr. Paytm customers and claims that platform will witness 50 Cr Indians on Paytm by 2020.