GCL, Softbank to create $930 solar joint venture in India

GCL, Softbank to create $930 solar joint venture in India

Paytm Mall has raised close to Rs 2,900 crore from SoftBank Investment Holdings and Alibaba.com Singapore E-commerce, a move that will give the online shopping venture of Paytm more financial muscle to take on giants like Flipkart and Amazon.

Paytm Mall plans to use the funding to improve its technology and build up its logistics.

China's GCL Group signed a memorandum of understanding (MOU) with Softbank Vision Fund through its manager Softbank Investment, a subsidiary of Japan-based Softbank Group, on March 29, under which the companies will establish a 4 GW solar PV production facility.

Softbank will infuse $400 million in Paytm Mall, and existing investor Alibaba will bring in the rest. "We believe Paytm Mall's offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India's 15 million offline retail shops to participate in India's eCommerce boom", said a SoftBank spokesperson, according to the Economic Times.

Hello, Ozil, hello: Arsenal star in friendly dig at Stoke police
Arsenal's 3-0 win over Stoke made it four wins in a row for the Gunners for the first time since October of past year . As much as I felt in the first half we could lose this game, in the second half I always felt we will win this game.

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. The startup also boosts good numbers and tractions, with the company claiming that its GMV (gross merchandising value) has touched the run rate of $3 billion.

Paytm Mall, which competes directly with Flipkart and Amazon, now has a presence in 700 towns across India. Meanwhile, SoftBank and Ebay have written off their investment to Snapdeal.

The company is betting big on its offline-to-online (O2O) strategy, which it thinks will drive growth.

One97 Communications Ltd, the parent entity that owns brand Paytm, spun off the e-commerce business into a new mobile application and a separate website in February 2017. Previously, this third position was loosely held by Snapdeal but its downfall a year ago certainly seems to have paved the way for Paytm Mall's rise.

Related Articles