Jack Ma’s Alibaba went a step ahead and invested $177 million in India’s mobile shopping and payments app Paytm. Moreover, Paytm also received another round of funding from SAIF partners of $23 million.
Recently, a week ago, Paytm made a major move by capturing more of the Indian e-commerce customers by announcing the launch of Paytm Mall. This is closely related to the Tmall which is an Alibaba-owned B2C retail e-commerce in China.
According to the reports, Paytm Mall has over 1.4 lakh sellers, spread over 1000 cities, 68 million products which includes categories like fashion, accessories, electronics as well as home furnishings to name a few.
Paytm was initially launched as a mobile payments segment in 2010 and later in 2014 entered the e-commerce sector. And an Android app has also been launched which is an extended version of the same.