With an aim to garner a bigger slice of Indiaâs growing online retail market,Â PaytmÂ Mall, owned byÂ PaytmÂ E-commerce Pvt Ltd., has ramped up its efforts to expand the business. The company is aiming for a three-fold rise in annualised gross sales and is set to achieve the $10 billionÂ mark byÂ March 2019.Â
PaytmÂ E-Commerce, which runs the online marketplace, achieved $3.5 billion in annualised gross sales in June 2018. This robust performance has made the Mall a strong No. 3 contender in the local e-commerce market within a year of its launch. By Marchâ19,Â PaytmÂ Mall expects unit orders to jump to 1-1.5 million orders per day, from about 625,000 currently.Â
âWe 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. 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,â said Amit Sinha, COO, PaytmÂ Mall.
PaytmÂ Mall has raised about $650 million since its inception in April 2017. During its latest fundraiser, the company raised about $450 million from Japanâs Softbank Group, and it is currently valued at about $2 billion. Shareholders inÂ PaytmÂ E-Commerce include Alibaba Group, Ant Financial, SAIF Partners and founder Vijay Shekhar Sharma.
ForÂ PaytmÂ 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.Â PaytmÂ 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.Â
It currently offers same-day delivery and O2O deliveries in the top 15 cities, including New Delhi, Mumbai, Bengaluru, Chennai and Hyderabad. The company plans to further expand its services to 25 cities, including Kota, Jabalpur, Dehradun, and Indore, among others by Diwali.
PaytmÂ Mallâs O2O operating model is aiming to leverage Indiaâs 15 million offline retail shops to participate in Indiaâs 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.