Tuesday, 20 November, 2018


SoftBank, Alibaba pump Rs 2900 cr in Paytm Mall

SoftBank said in 2015 that it would invest up to $20 billion along with Foxconn Technology Co Ltd and Bharti Enterprises in solar projects in India which has a goal of generating 100 gigawatts of power from solar by 2022 SoftBank, Alibaba pump Rs 2900 cr in Paytm Mall
Conrad Doyle | 03 April, 2018, 07:02

According to latest regulatory filings, SoftBank and Alibaba have already put more than $110 million, or Rs 710 crore, of the proposed investment.

An aggregate amount of $400 million (about Rs 2,600 crore) has come from SB Investment Holdings (UK) and its affiliates (including SoftBank Vision Fund) and another $45 million (about Rs 292.5 crore) has been pumped in by Alibaba.com Singapore E-commerce, the company said in the regulatory filing.

Paytm Mall in India competes with Amazon and homegrown Flipkart, both of which are immensely popular among India's online shoppers. Our investment in Paytm Mall is part of that ongoing commitment.

The development comes at a time when SoftBank, along with Tiger Global, is spearheading a Flipkart sale Walmart Inc. The fresh investment in Paytm Mall marks another significant bet by SoftBank's founder Masayoshi Son on the burgeoning online retail market here as the group forms an anti-Amazon alliance along with Alibaba.

Market watchers say that the deal values Paytm Mall at United States dollars 2 billion. In all, the spun-off entity received $200 million before the latest funding with Alibaba owning 57% in Paytm Mall.

"We believe Paytm Mall's offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India's 15 million offline retail shops to participate in India's e-commerce boom", SoftBank said in a statement on Monday. "The funds will be deployed for empowering the shopkeepers with technology, building superior logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers", said Sinha.

According to the company, offline stores registered on its platform drive over 60% of sales.

The company now works with offline stores in partnership with brands such as Samsung, LG, Lenovo, Intel, Red Tape, Canon, HP, Godrej, Hitachi, Bluestar, Whirlpool, Bosch, IFB and Intex among others.

The beginning of the new financial year could not have been better for Paytm. The platform Paytm Mall is inspired by Alibaba's T-mall in China. Vision Fund, which had raised more than $93 billion in May 2017, plans also to invest more than $10 billion in Saudi Electricity Co. In 2016, the Chinese online retailer had contemplated a standalone entry into India or an acquisition.

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