GCL Group And Softbank Invest $930 Mln To Form JV In India
04 April, 2018, 02:00 | Author: Julian Harrison
Paytm Mall, e-commerce division of digital wallet firm Paytm, got a huge funding boost on Monday after SoftBank and Alibaba committed to pump in 2892.5 crore (around $446 million) in the online shopping startup.
Softbank Vision Fund (SBVF) and GCL Group holding company have signed a memorandum of understanding (MoU) to launch a US$930 million joint venture in the Indian state of Andhra Pradesh, primarily to manufacture PV ingots, wafers, solar cells and modules. Japanese investment giant Softbank will contribute Rs 2,600 crore in the round while rest of the contribution will come from Alibaba.
When contacted, Paytm Mall COO Amit Sinha said the latest investment led by Softbank and Alibaba reaffirms the strength of the company's business model, growth trajectory and execution capability.
The deal, which marks SoftBank's first funding in Paytm Mall, will see the Japanese entity holding over 20 per cent stake after the transaction is completed.
SoftBank (OTCPK:SFTBF, OTCPK:SFTBY) will invest $400M in Indian e-commerce company Paytm Mall in a funding round that pushes the valuation to roughly $1.9B. Later in December 2017, it was reported that Paytm was planning to invest around $2.5 Bn in its ecommerce arm within the next three to five years.
Paytm Mall, which competes directly with Flipkart and Amazon, now has a presence in 700 towns across India.
The investment will also give SoftBank a deep presence in the Indian e-commerce sector.
Paytm Mall claims a run rate of $3 billion in GMV (gross merchandising value) and says it is aiming for a $10 billion run rate at the end of fiscal 2018-2019. It focuses on an online-to-offline model where it partners with stores to drive sales. The company has tied up with brands like Big Bazaar, FBB, Samsung, Red Tape and others, apart from smaller ones that are popular across markets.
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