EY would provide various in-built and outsourced processes to recommend global practices that will be applied to build a ‘Technology driven Fraud Prevention System’ the company said.
While there have been some incidents of fraud by sellers in the past on Paytm Mall’s platform, the company said this would help in building a more secure marketplace and maintain checks and balances in running seller and sourcing operations in India and abroad.
The platform claims to continue delist fraud merchants and take strict action wherever needed.
Apart from admin, finance and other support functions, the company also has a business operations team, which works closely with partnered merchants to plan and execute cashback offers and promotions leaving a scope for collusion. The EY partnership will also undertake audit and fraud prevention, using both human intelligence as well as artificial intelligence.
“Our partnership with EY will help benchmark with global best practices as we build a technology-driven fraud prevention system to scale our operations. Our teams continue to work closely with EY to share our learnings and insights,” Srinivas Mothey, senior vice-president, Paytm Mall, said.
The company has hired 200 new resources across various functions that will work towards the growth of the platform and is looking at hiring 300 additional resources in the coming months.
Putting speculations to rest and eyeing a comeback, Paytm Mall, the online marketplace firm of Vijay Shekhar Sharma-led One97 Communications, is planning to hire around 500 backend-tech team members. The company is targeting Rs 10,000 crore in business over the next 12 months.
The news comes amid reports that the company is planning to scale down its online marketplace business and eventually exit it. The firm, however, has been through some internal reshuffle and changes so that it can revamp and reboot to perform better. Sources said while Amit Sinha, the chief operating officer at Paytm Mall, was still overseeing the business, he might be given another role in the company.
The company on Sunday said it was on the fast track to expand its online to offline platform across the country and had witnessed growth of over 200 per cent growth in the past six months.
The company is planning to make a massive play in the grocery space over the next few months. It would soon go big on hyperlocal grocery delivery and would also get into the fresh produce space. Since the past few months, the firm is increasing its merchant base, which will help in creating traction in the grocery segment.
“The idea is to do a business of Rs 10,000 crore in the next 12 months. The company has been on a rapid expansion mode and is very serious about the online marketplace space,” said a source close to the company.
 "Paytm Mall")