ALSO READPaytm Mall to be the top e-tailer by next year: COO Amit Sinha Rs 501 cr in cashback: Paytm Mall's festive season sale starts on 20 September Paytm to flex offline muscle Paytm Mall to expedite deliveries for electronics, appliances in 25 cities Paytm Mall likely to invest $200 mn in Bigbasket in October
The company had earmarked over Rs 700 crore to be spent on cash backs and offers during the festive season.
Bolstering its online grocery play, Paytm Mall, as reported earlier, was in talks to invest $200 million in BigBasket and the deal is in final stage now. Prior to this, Paytm raised $200 million from Alibaba Group and venture fund SAIF Partners.
After Narendra Modi's demonetisation drive, Paytm played an important role in democratising access to digital payments for hundreds of millions of Indians. This has led to over 10 million customers signing up for a Paytm Payments Bank account in the beta launch.