"The funds will be deployed for empowering the shopkeepers with superior technology and building logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers", he added. SoftBank is also an investor in Paytm, while online retail rival Flipkart also received funding from the Japanese company previous year.
China's GCL Group signed a memorandum of understanding (MOU) with Softbank Vision Fund through its manager Softbank Investment, a subsidiary of Japan-based Softbank Group, on March 29, under which the companies will establish a 4 GW solar PV production facility.
The fresh funding comes after Japanese Internet giant SoftBank pumped in a whopping $1.8 billion in One97, founded by Vijay Shekhar Sharma, which is the parent of Paytm, for about a 30 per cent stake previous year. Paytm Mall has already received the first tranche of this round, which is Rs 357.5 crore. In 2017, SoftBank had invested $1.4 billion in Paytm. This will be SoftBank's second investment in an online retailer in India. "We are committed to increasing the business growth for the offline merchants, who serve their customers daily", he said.
Paytm Mall has replaced Snapdeal as the third largest player e-commerce company, behind Flipkart and Amazon India. It was also reported that Paytm Mall has put a target to achieve $10 Bn gross merchandise volume run rate by end of FY19.
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The company is betting big on its offline-to-online (O2O) strategy, which it thinks will drive growth. It has now partnered with over 75,000 stores and aims to triple its offline presence by the end of 2019.
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.
Online marketplace Paytm E-Commerce Pvt. Previously, this third position was loosely held by Snapdeal but its downfall previous year certainly seems to have paved the way for Paytm Mall's rise.
In June a year ago, Paytm E-Commerce had raised $200 million from Alibaba and venture capital firm SAIF Partners.