Sep 1: Paytm Mall, the country’s third largest e-retailer is vamping up its operations to take its fight to the leaders in the domain. The Alibaba-backed company is now upping its e-commerce operation by integrating regional retailers and bigger players in the market, starting with online grocer BigBasket.
Paytm Mall Chief Operating Officer Amit Sinha announced that the company was in the process of integrating BigBasket to its platform. This would be followed by the integration of other big players as well as regional retailers that will help expand its catalogue. Paytm Mall already has partnership with Future Retail through which it brings products from Big Bazaar and other fashion shops under its platform.
Apart from integrations, Paytm Mall is also keen on acquiring stake in other retailers. The revelation comes amidst rumours that Paytm was planning to buy a minority stake in Future Retail. However, no comments were made regarding the same by Sinha. He although revealed that the company was also open to selling a stake in Paytm Mall in case if there was necessity for a strategic alignment.
Sinha has also put down the concerns of Alibaba’s entry into the Indian market by using Paytm Mall. He stressed that Paytm will remain a key player in the long run along with the other leaders in the segment- Amazon and Flipkart.
Paytm E-Commerce, the parent company of Paytm Mall, is estimated at roughly $2billion, and is backed by majors like Alibaba Group and SoftBank. It had recently raised around $650 million through funding, though additional fund raising seems to be off the company’s radar for the near future.