Former executive of Alibaba, Bhushan Sharma, will work to expand Paytm's business to other states and increase the number of merchants selling at its platform.
Paytm has recruited the former head of Alibaba wholesale business. It is interested in boosting growth and working more closely with the Chinese ecommerce company. Bhushan Patil has joined the company as a VP after working for 5 years and 6 months at the Hangzhou-based organization, where he played a role in running Alibaba.com.
At his new job, Mr. Bhushan will concentrate on efforts to extend Paytm’s business to other states, a job closely mirroring his work at Alibaba, stated One97 Communications CEO Vijay Shekhar Sharma. The parent organization of Paytm is One97 Communications.
He has taken the measure after over half billion dollars were invested by the company and its financial partner Zhejiang Ant Small & Micro Financial Services Group in 2015 to acquire a 40% share in One97 Communications.
Like Alipay, the Noida-based company uses its electronic payment facility to play a role in directing traffic to the rest of its businesses. Paytm mobile application can be used to pay for Apple iPhones and Uber rides, as well as electricity bills.
The Chinese research firm, Analysys International, claimed that Alipay is the largest mobile-payment service of China. The payment startup states its online trading business is rapidly growing and moving forward to deliver goods worth of $2 billion in 2016. The organization expects to grow its ecommerce over two times by end of 2016.
The Indian e-commerce company, FlipKart, delivered goods worth $7.2 billion in 2015, estimated Morgan Stanley. Paytm and the rest of Indian online trading companies look to expand to the markets of Southeast Asian countries. They expect to increase revenues adversely affected by the discount battle in the highly competitive Indian e-commerce market, which is quite small when it is compared with that of China.
Alibaba sold goods worth of $377 billion (2.44 trillion Yuan) during the year ending at March 31, compared with about $16 billion for every e-commerce organization based in India, revealed Morgan Stanley.Bhushan expects that Indian internet economy to explode. The South Asian payment service provider has planned to grow the number of merchants on its marketplace from 100,000 to 500,000 today. For doing that, it needs to look at China.
The organization has planned to encourage merchants selling on Alibaba to register on its platform. In the Chinese region, Taobao has more than 10 million sellers on its different electronic commerce websites.
“We’re part of the Alibaba family. We’ll continue to help them and they will continue to help us,” Paytm CEO Mr. Sharma stated.
In other news, Economic Times reported Alibaba has planned to extend its foothold in India in 2016, which highlights the importance of the country to the biggest online retailer of China. The executives of Alibaba suggested that Jack Ma’s company would concentrate on the Indian offline market, along with the online.
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