Paytm Mall, e-commerce division of digital wallet firm Paytm, got a huge funding boost on Monday after SoftBank and Alibaba committed to pump in 2892.5 crore (around $446 million) in the online shopping startup.
He further added that the funds will be deployed for empowering the shopkeepers with superior technology, building superior logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers.
GCL System Integration Technology has announced that GCL Group has signed a memorandum of understanding (MoU) with Softbank Vision Fund (SBVF) to produce solar PV modules in India.
Of the total funds invested, Rs 2,600 crore will come from SoftBank, while Alibaba will put in the rest.
"This latest investment reaffirms the strength of our business model, growth trajectory, execution capability and the potential of India's massive O2O model in the retail space".
SoftBank (OTCPK:SFTBF, OTCPK:SFTBY) will invest $400M in Indian e-commerce company Paytm Mall in a funding round that pushes the valuation to roughly $1.9B. The first tranche of Rs. 357.5 crore has already come into Paytm Mall, reported Inc42.
SoftBank's Vision Fund took roughly a fifth of Flipkart past year for US$2.5 billion.
SoftBank, which now has an installed and under-construction solar capacity of 750 MW, itself sought very low tariffs in its last bids in May 2017, where it quoted 2.45 rupees per unit.
ET reports that Alibaba now holds 57% in Paytm Mall. The Japanese group is also one of the biggest investors Indian e-tailer Snapdeal.
Paytm Mall claims a GMV (gross merchandise value) run rate of $3 billion and is targeting a $10-billion run rate by March 2019. This will be SoftBank's second investment in an online retailer in India. It focuses on an online-to-offline model where it partners with stores to drive sales. The platform Paytm Mall is inspired by Alibaba's T-mall in China.