India-based online retailer Paytm Mall has raised $445m in a funding round led by telecoms and internet group SoftBank with a $400m commitment, Reuters reported yesterday citing a regulatory filing.
E-commerce group Alibaba supplied an additional $45m for the round, which valued Paytm Mall at approximately $1.9bn. The capital will be supplied across four tranches and will give SoftBank a 21.1% stake, with Alibaba’s stake dropping from 36.3% to just over 30%.
The total figure of $445m falls short of the $500m to $600m was reportedly seeking for the round in November 2017.
Launched by mobile payment platform Paytm in 2016, Paytm Mall has since been restructured into a separate business by One97 Communications, the e-commerce and online services group that owns Paytm.
Paytm Mall operates an online marketplace aimed at brick and mortal stores. The latest cash injection will enable the company to further develop its technology and logistics.
The company previously raised $200m in a round led by Alibaba in March 2017, with participation from SAIF Partners.
SoftBank already owned a 20% stake in One97, after it paid $1.4bn in in May 2017 that included the purchase of $400m worth of shares from existing investors SAIF Partners and One97 founder Vijay Shekhar.