The domestic e-tailer, which has of late seen tough competition from the likes of Amazon and Flipkart, has been trying to revamp its business.
E-commerce platform Paytm Mall, on August 13, has segregated its operations from its parent firm One97 Communications, The Economic Times reported.
Rudra Dalmia, chief financial officer and board member of Paytm Mall, told the publication that, “We are rebuilding.” The $3.3 billion worth e-commerce platform has witnessed several changes in its business model, Dalmia added.
Its deals platform Nearbuy, which was acquired in December 2017, has also been fully integrated with Paytm Mall's app. The report noted that Nearbuy can help chart out brick and mortar stories in neighbourhoods, which are expected to be potential sources of revenue through Point-of-Sale (PoS), advertising, and marketing services.
Apart from this, the company, which is betting on the offline-to-online model (O2O), has also tied up with Kishore Biyani’s Future Group, Reliance Industries and BigBasket.
Dalmia said that these changes have got consumers to transact on the larger ecosystem, which includes travel, movie ticketing, and games.
Amid reports of a management shakeout earlier this year, Paytm Mall also closed a funding round with US-based e-commerce firm eBay, which bought a 5.5 percent stake in the company. It also launched an eBay international store with curated merchandise within its platform.The e-tailer, which has been trying to revamp the business after seeing tough competition from bigger rivals such as Flipkart and Amazon, is currently the third largest player in India’s e-commerce market.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.