Paytm Mall separates all functions from One97 Communications
By MYBRANDBOOK
In a recent change in the guard Paytm Mall has finally decided to separate all functions from its holding company One97 Communications with this there will be many changes in the company’s business model. Paytm is the third largest player in India's e-commerce market and facing a tough competition from Flipkart and Amazon.
Rudra Dalmia, chief financial officer and board member of Paytm Mall, said, “We are rebuilding.” The $3.3 billion worth e-commerce platform has witnessed several changes in its business model, Dalmia added. It’s going through a complete rebuilding exercise and wanted no common workforce among the other business - payment and e-commerce.
The only exception is Paytm boss Vijay Shekhar Sharma, who will continue to lead both firms. Since January, the only positive thing that happened to the company was getting eBay as a backer when the early investors i.e Softbank and Alibaba refrained from taking part in the round. eBay holds about 5.59% stake in Paytm Mall for about $160 million investment. Interestingly, Paytm Mall’s valuation soared to $3 billion.
Paytm Mall aims to bring more and more users for transactions on the platform for movie ticketing, travel, and games. On the other side, eBay will open a store on Paytm Mall, which will provide 130 million of Paytm and Paytm Mall’s customers with access to its global inventory.
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