Paytm is making a fresh attempt to build its online marketplace business with plans to invest Rs 800-1,000 crore in the newly separated commerce entity as it flights out formidable rivals in a cash-guzzling online retail market.
Vijay Shekhar Sharma, founder, and CEO, Paytm, told that it will be the largest funding round for any e-commerce business in the country so far. He said that ‘’The latest funding round will take about two months to close but the management has decided our marketplace is a key business for us, and new investors will put in money into the commerce entity. We will be able to adequately capitalize our marketplace business with Rs 1,000 crore initially.’’
He also added by saying that with demonetization being the catalyst, Paytm clocked Rs. 5,000 crore worth of transactions. That’s 200 million transactions in volume terms.