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Paytm eyes top spot in e-commerce business in 3-5 yrs; to infuse $2.5 bn

Rivals Amazon, Flipkart are pouring in billions of dollars to boost market share

Press Trust of India  |  New Delhi 

Paytm founder Vijay Shekhar Sharma
Paytm founder Vijay Shekhar Sharma.

SoftBank-backed plans to invest up to $2.5 billion to grow its nascent online shopping portal business within 3-5 years as it eyes top spot by beating and Amazon, its founder Vijay Shekhar Sharma said. E-commerce Pvt Ltd, which operates an online shopping portal for digital and physical goods, is latest to enter the e-commerce space where rivals and are pouring in billions of dollars to boost market share. In an interview to PTI, Sharma, 38, exuded confidence that Paytm's e-commerce unit - Mall - has a "real good shot" at reaching the top spot even though online shopping business, as such, is a long-term bet and certainly "not for the faint-hearted". "This is a marathon.

It is absolutely not about this month's number versus next," said Sharma, who sees the as booming, but long gestation. "As the e-commerce business, we started six months ago and we are nearly half of the large It has grown so fabulously well that we believe that we have a real good shot in the longer horizon, in 3-5 years, of (reaching) the top spot," he said. The in India has grown at a phenomenal pace with two giants US-based and homegrown battling it out for the leadership of the market. Jeff Bezos -- world's richest man -- has committed $5 billion investment into India, which he believes is a key market. Flipkart, on the other hand, had received $2.5 billion from and earlier this year. Sharma, who shot to fame after Paytm's mobile wallet became a household name following the government's demonetisation drive in November 2016, has since entered the business of Payments Bank as well as e-commerce. Asked about the that would be infused into the Paytm's e-commerce business, Sharma said: "It will at least be 2-2.5 billion dollars".

First Published: Sun, December 03 2017. 13:29 IST