Paytm Mall has received a final tranche of USD 445 million which is about INR 3000 crore funding from Alibaba and SoftBank. This funding will give the online shopping venture more financial push to take on competitors like Amazon and Flipkart. Paytm Mall closed the 445 million funding round from Alibaba and SoftBank investment holdings in April.
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The parent company of Paytm, One97 Communications will enter the point of sale (PoS) terminals. The company plans to have the most competitively priced network in the space. Banks host the PoS network and PoS terminals are a big money spinner for them. They make money on the interchange fee that is charged for the usage of the network. India saw 465 million transactions worth INR 90,300 crore f... Read Full Article
Amazon is the most visited shopping site in the country but for the founder, Jeff Bezos, it is still Day 1 in the second most important market for the firm outside the United States. In a letter to the customers, Bezos stated that Amazon has customers in 100 percent serviceable pin codes in India and is shipping packages from more than 50 fulfillment centers located across 13 states.
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