Friday, June 21

Tag: PAYTM MALL

eBay invested $150 million in Paytm Mall, picks up 5.5% stake
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eBay invested $150 million in Paytm Mall, picks up 5.5% stake

eBay Inc., a global commerce leader announced an agreement that will make eBay inventory accessible to tens of millions of Paytm Mall active customers in India. Additionally, eBay is making an investment of $150 million in Paytm Mall and will own approximately 5.5% of the company. “We are deeply committed to India and believe there are huge growth potential and significant opportunity in this dynamic market,” said Jooman Park, eBay Senior Vice President, APAC. “This new relationship will accelerate our cross-border trade efforts in a rapidly growing market, providing hundreds of millions of Paytm and Paytm Mall customers with access to eBay’s unparalleled selection of goods.”  Paytm Mall makes international purchases frictionless for customers in the Paytm ecosystem. Through technol...
Ernst & Young probes Cashback fraud at Paytm Mall
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Ernst & Young probes Cashback fraud at Paytm Mall

E-commerce platform Paytm Mall has engaged consulting and audit major EY to investigate a cashback fraud involving some of its employees and merchants, according to sources. Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers. According to sources close to the development, the investigation has been going on for almost a fortnight and some employees have also been fired. When contacted, Paytm Mall in an e-mailed statement said, under the partnership, EY will "undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes". It will also recommend global practices that will be applied to build a tech-driven fraud prevention system. Admitting that its ...
Google Soon to Launch its ‘Shopping’ Tab in India
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Google Soon to Launch its ‘Shopping’ Tab in India

The technology giant and the largest search engine Google is reportedly going to launch its ‘Shopping’ tab in India. This would allow users to search for products to buy and directing them to merchant websites or e-commerce platforms for product listings. The tab is currently in working and in a few months, the Shopping tab will be piloted soon, prior to a full-fledged launch before the end of the year. “We are always exploring options to help consumers find the products they want to buy more quickly and efficiently from local merchants,” a Google spokesperson stated. Google has been in talks with e-commerce players such as Flipkart, Paytm Mall and Snapdeal to join together in the company’s shopping tab initiative. Besides large e-commerce websites, Google is also expected to tap into...
Paytm Mall Plans To Expand Globally
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Paytm Mall Plans To Expand Globally

Paytm Mall is planning to expand to Southeast Asian countries, along with countries such as Japan, and it has also appointed a head for its international business and expansion. Paytm mall is a platform provided by Paytm for the user to shop, it works just like any other E-Commerce website or Application. It aims to offer a combination of the Mall and Bazaar concepts to Indian consumers.   "Only trusted sellers passing strict quality guidelines and qualification criteria are allowed on the 'Mall, All products listed on the mall goes through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust'," a statement made by Paytm.   Sanjeev Misra has joined Paytm Mall as senior vice-president for international markets will launch and expand the int...
Paytm to Raise Millions for Pushing its O2O Retail Business
FUNDING

Paytm to Raise Millions for Pushing its O2O Retail Business

One97 Communications, the company that owns Paytm is reportedly eyeing to raise $300-$500 million for the purpose of pushing its online-to-offline (O2O) retail business and get customers to use its platform for making payments. At present, Paytm is in advanced talks with US-based investors and also its existing shareholder, SoftBank for the latest funding round, which is expected to value the digital payments giant at about $10 billion. The funds raised through the particular funding round will be directed towards the hyper-local O2O business, with an objective to shore up footfalls for offline stores by offering deals and discounts on Paytm's app. The users will pay through QR codes in these stores, and thus, increasing the number of transactions for the company. As of now, the m...
Paytm Mall to Hire 5,000 College Graduates, Massive Recruitment Drive
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Paytm Mall to Hire 5,000 College Graduates, Massive Recruitment Drive

Paytm Mall, the in-app service of the digital payment platform Paytm, in its massive recruitment drive, is expecting to hire around 5,000 college graduates. On Friday, the company introduced the second edition of the Campus Icon programme and has started with the process. This particular programme will be taken forward for five weeks and has been built to assist the students in enhancing their vocational capabilities. The participants will be given a variety of exercises in technology, marketing and sales which would improve their skills. “The inaugural edition of our Campus Icon Programme turned out to be a great success with students participating from thousands of colleges across the country. This year, we plan to reach out to even more students — making Campus Icon one of the large...
BigBasket in Talks to Acquire Vending Startup Kwik24
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BigBasket in Talks to Acquire Vending Startup Kwik24

Grocery retail major, BigBasket is eyeing acquisition in smart vending machine startup Kwik24 in a bid to expand its offline presence and strengthen its position against existing players Flipkart and Amazon. The reported development has come just after Alibaba backed company announced a pact with Kwik24 to deploy smart vending machines in five apartment buildings in Bengaluru. A source familiar with the matter said, The strategy is to have Kwik24 work full-time on customised vending machines for BigBasket as they look to scale up this model. The response to these pilots was positive with over 90% of repeat customers. Meanwhile, a news had surfaced earlier regarding Big basket eyeing major stakes in milk delivery company RainCan. The idea behind this acquisition is to increase the f...
Paytm Mall Raises Huge Fund From SoftBank & Alibaba
FUNDING

Paytm Mall Raises Huge Fund From SoftBank & Alibaba

The e-commerce platform of Paytm known as ‘Paytm Mall’ has raised funds amounting to Rs 1500 crore from Japenese holding company SoftBank Group Corporation and its existing lender Alibaba Group Holding Ltd. According to the reports, the recent funding is a part of the funding commitment of Rs 3,000 crore that was at first announced in April. Paytm Mall has now received the third and final tranche of the deal. Alibaba and SoftBank Corp. had undertaken to invest an amount of Rs 3000 crore jointly in the Paytm Mall out of which the amount of Rs 2600 crore supposed to be invested by SoftBank and the rest Rs 400 crore by Alibaba. Paytm Mall is a Paytm-operated e-commerce platform that operates on its own mobile application making it easy for the users to have a look on a variety of brande...
Paytm Mall Introduces No-cost EMI and Other Services to Expand E-commerce Penetration
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Paytm Mall Introduces No-cost EMI and Other Services to Expand E-commerce Penetration

Paytm Mall, The digital arm of e-commerce giant company Paytm has announced its plans to introduce an umbrella of new services such as no cost EMI, Extended Warranty on products, Device Insurance and Easy Exchange across its online platform as well as offline partner stores. Interestingly, the e-commerce arm of Paytm which received $450 million in funding from Alibaba and SoftBank is disbursing no-cost EMIs price Rs 1,000 crore throughout two million merchandise by the top of the subsequent quarter. In addition, it is partnering with 13 banks and monetary establishments for this transfer. Now with new additions to its portfolio, the company is looking forward to driving 25 % progress in gross income for its companion retail shops and achieve a dominating market share in smartphones a...
Paytm Mall Partners With Asus, Will Provide PoS Solution
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Paytm Mall Partners With Asus, Will Provide PoS Solution

Paytm Mall, daughter company of Paytm Ecommerce Pvt. Ltd announced the launch of a connected Point of Sale (PoS) solution for retail stores in a bid to empower shopkeepers in managing their offline and online customers. To implement this new initiative, Paytm Mall signed a strategic partnership with Asus India. Therefore, the PoS solution will be first available at ASUS retail stores and will subsequently expand to other brands and retail stores. Paytm Mall also unveiled the exclusive online launch of VivoBook X507 on its platform which will be available at Asus offline retail stores. Moreover, Asus is looking forward to install its innovative “Digital Experience Zone” as well as Paytm Mall QR in a bid to encourage customers to order ASUS products while in the store. “We are ex...
Funding Fest : All the Funding of the Past Week (2nd-9th April)
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Funding Fest : All the Funding of the Past Week (2nd-9th April)

All the funding articles starting 2nd April to 9th April compiled in one. This week's edition contains 14 startups which raised a combined amount of approximately $ 460.35 Million. The highest funding of the week was recorded by PayTM Mall. To get additional details about the funding of a particular company, click on its hyperlink. Kaleidofin Kaleidofin, a Chennai based fintech platform raises $2.8 million seed funding led by Omidyar Network, a Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay, Blume Ventures, and individual investors, including Israeli serial entrepreneur and inventor, Professor Shlomo Ben-Haim. BeYouPlus BeYouPlus, a Delhi-based health and wellness startup raised a funding round worth Rs 50 Lakhs from Fortis H...
Paytm Mall Raises $445 Mn Funding From SoftBank and Alibaba
FUNDING

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...