As the online payments segment's competition gets fierce, company's involved in this sector started scouting for new ideas to lead the race. One of the market leaders in this biz, Paytm has decided to restructure its online marketplace business with a massive investment of 800 to 1, 000 crore.
The company has recently pumped around Rs 400 crore funding in its recent concluded funding round which was headed by Taiwanese chip maker Mediatek. Now, Paytm is on the move to fetch another 1,600 crore funding to further back its ecommerce business. While revealing the future plans of the company to one of the dailies, Vijay Shekhar Sharma, Founder, Paytm, stated that the company, for now, will fully allocate the new capital into its payments bank business with plans afoot to kick-start the beta launch around Diwali.
The latest funding round will take about two months to close but the management has decided that company's marketplace is a key business, and new investors will put in money into the commerce entity. Paytm will be able to adequately capitalise its marketplace business with Rs 1,000 crore initially, added Sharma.