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China’s largest e-commerce firm Alibaba Group Holding Ltd. and Japan’s Softbank Group Corp. will jointly invest USD445 million in India’s e-commerce firm, Paytm E-Commerce Pvt. Ltd., which will value the Indian online retailer at roughly USD1.9 billion, according to a regulatory filing cited by online portal Sina today.
Japan’s Softbank will invest USD400 million, while existing investor Alibaba will contribute USD45 million, the report said. The Indian company will use the latest investment from Softbank and Alibaba to develop technology and establish an efficient logistics team, Amit Sinha, chief operating officer of Paytm Mall, said in a statement.
Softbank is now one of major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, One97 Communications Ltd. The Japanese conglomerate confirmed investing in Paytm Mall, the trading platform of Paytm E-Commerce.
Upon completion of the deal, Softbank will obtain a 21.1 percent stake in Paytm E-Commerce, a document from the registrar of companies in India showed.
Alibaba.Com Singapore E-Commerce Pvt. Ltd. currently holds 36.3 percent of shares in Paytm E-Commerce and remains the single largest shareholder of the Indian online retailer.
Competitors for Paytm E-Commerce in India include Amazon.Com Inc.’s India branch and another local firm, Flipkart. Paytm’s parent also operates India’s largest e-wallet service.
“We believe Paytm Mall’s offline-to-online (O2O) operating model, combined with the strength of Paytm ecosystem, can succeed and will enable India’s 15 million offline stores to participate in India’s e-commerce boom,” Softbank said in a statement yesterday.
Source: yicaiglobal.com
