New Delhi : Paytm Mall, owned by Paytm E-commerce Pvt Ltd., has ramped-up its efforts to expand their business with a three-fold rise in the annual gross sales, with a target to achieve USD 10 billion mark by March 2019.
Paytm E-Commerce, which runs the online marketplace, achieved USD 3.5 billion in annualized gross sales in June 2018. This robust performance has made the Mall a strong number three contender in the local e-commerce market within a year of its launch.
Paytm Mall has raised about USD 650 million since its inception in April 2017. During its latest fundraise the company raised about USD 450 million from Japan's Softbank Group, and it is currently valued at about USD 2 billion.
For Paytm Mall, the largest categories by value include appliances, laptops, and mobiles with the daily needs category generating the maximum number of orders. The company plans to expand its fashion and home business this year. Paytm Mall plans to create differentiation in the market by not having an inventory-led business model. Instead, it aims to promote the O2O (offline to online) model in India.
It currently offers same-day delivery and O2O deliveries in the top 15 cities including New Delhi, Mumbai, Bengaluru, Chennai, Hyderabad. The company plans to further expand its services to 25 cities including Kota, Jabalpur, Dehradun, and Indore, among others by Diwali.
Paytm Mall's O2O operating model is aiming to leverage India's 15 million offline retail shops to participate in India's e-commerce boom. The company currently works with offline stores in partnership with brands such as Samsung, LG, Lenovo, Intel, Red Tape, Canon, HP, Godrej, and Hitachi.
"We are excited to witness the growth of the Indian retail market and we have ramped up our efforts to expand our business to meet its ever-growing demands. We are building an O2O model offering same day deliveries to top 15 cities and will be further expanding our services to 25 cities across the country," said COO - Paytm Mall, Amit Sinha.
"Our partnership with brands/merchants and their offline retail stores, is driving an important opportunity for them to increase their business while building engagement with their customers," added Sinha.