Paytm Mall Raises $445 Mn Funding From SoftBank and Alibaba
Paytm has been all over the landscape these past few weeks and days with major consecutive news announcements. This time, Paytm mall, the e-commerce daughter business of Paytm has raised over $445 Mn in funding from Japanese conglomerate SoftBank and Alibaba, the Chinese e-commerce giant.
Regulatory filings reveal that SoftBank has been the major investor in this round, funding around $400 Mn of the total amount while Chinese company, Alibaba, fueled the rest. The first tranche of $55 Mn has already been sent to Paytm Mall’s account.
Paytm Chief Operating Officer, Amit Sinha confirmed the news in a media statement saying, “This latest investment led by SoftBank and Alibaba reaffirms the strength of our business model, growth trajectory, execution capability and the potential of India...