Paytm Mall’s loss goes up to Rs 1,787 Cr in fiscal 2017-18
By MYBRANDBOOK
Paytm Mall has recorded revenue of Rs 775 crores, 100 times more than the last financial year. However, losses for the SoftBank-backed venture ballooned by 131X to Rs 1787 crore in the financial year 2017-18 as compared to Rs 13.63 crore in the previous fiscal.
This year in April, it raised about $445 million (about Rs 2,900 crore) from SoftBank and Alibaba on a valuation of $2 billion in the financing round. Alibaba and Ant Financial together hold about 55 per cent of Paytm Mall.
Paytm Mall claims to be the third largest horizontal e-commerce platform after Flipkart and Amazon. The company claims to have 10 million merchants transacting on the marketplace.
Paytm Mall has a sharp focus on bringing small merchants online. It follows O2O (offline to online) strategy and eyes at unorganized markets across segments including electronic, fashion and FMCG. The company has also been ramping up grocery vertical to up against rivals Amazon and Flipkart. It is forging partnerships with regional retailers and corporates such as Big Bazaar.
Paytm Mall has recently hired Srinivas Mothey, Milind Pathak, Utkrisht Kumar, Nikhil Dhoka and Rohan Chhazed to beef up its top management.
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