India-based online marketplace Paytm has launched an online shopping app named Paytm Mall, with the backing of Chinese e-commerce giant Alibaba.
Paytm is an online marketplace unit of Indian company One 97 Communications, and its new app is expected to take on online retail rivals such as Flipkart and Amazon.
Paytm Mall is an Android-based app designed on the lines of Alibaba’s e-commerce platform TMall.
Paytm vice-president Saurabh Vashishtha was quoted by Business Standard as saying: “Consumers [will] continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app.”
Alibaba has recently been making a series of investments in the Indian e-retail sector, and has reportedly has already invested nearly $200m in Paytm.
The total shareholding of Alibaba and its affiliate Ant Financials is expected to be more than 50% in Paytm E-commerce following the funding round, reported LiveMint.
Paytm has 17 fulfilment centres across India in order to ensure a quick and reliable delivery service to consumers.
The company intends to add nearly one billion products to its portfolio, and hopes to compete with US-based online retailer Amazon.
Paytm Mall will focus on electronics, fashion brands and FMCG categories from major brands, while its Paytm Bazaar subsection will focus specifically on home furnishing and goods from small brands.