Alibaba takes first step into India's marketplace with launch of Paytm Mall

The Paytm Mall is an Android app for smartphones is modelled on TMall

Alibaba-backed Paytm has launched Paytm Mall, a consumer shopping app, to take on local rival Flipkart and global rival Amazon in the country.

The Paytm Mall, an Android app for smartphones is modelled on TMall, China’s dominant e-commerce platform, and comes at a time when India’s online shopping market has virtually become a two-horse race — Amazon and Flipkart.

In 2016, India’s e-commerce industry saw businesses such as Askme collapse; firms such as Flipkart and Snapdeal shed jobs, cut expenses and look at profitability than vanity metrics.

The Indian firms also struggled to raise funds to fend