Author: Tronserve admin
Monday 26th July 2021 09:14 PM
India’s Paytm Mall Raises $150 Million Funding From eBay
Indian digital payments giant Paytm on Thursday declared its e-commerce arm raised $150 million from U.S. online mall operator eBay, as it looks to increase its battle against Amazon.
The investment valued Paytm Mall at $3 billion, Paytm CEO Vijay Shekhar Sharma informed the Nikkei Asian Review in Tokyo. Active backers include SoftBank Group and Alibaba Group Holding.
As part of the partnership, eBay will make its products available for purchase on Paytm Mall’s shopping platform, eBay said.
The offer will give some extra firepower for Paytm Mall, which was dealing with an uphill challenge opposed to Amazon and Walmart-owned Flipkart. Last year, Forrester Research expected that Paytm Mall has a market share of only 6%.
Sharma said Paytm itself, which encompasses the core mobile payments business, is not seeking excessive funding at this point. Paytm presently manages transactions worth $100 billion at an annualized rate and aims to double the number of merchants using its platform this year to 25 million, he said.