Paytm Mall has received an infusion of $200 million from SoftBank, and has brought on board the Japanese conglomerate’s executive Kabir Misra as director for the ecommerce business.
The development also saw John Michael Evans of Alibaba also stepping down from the board of directors of the company, as per the regulatory filings.
SoftBank and Alibaba had committed $450 million in Paytm Mall in April this year.
Misra, managing partner of SoftBank Capital, is already an additional director in Paytm’s parent company One97.
According to regulatory reports, SoftBank’s investment arm SB Investment Holdings pumped in Rs 1,341 crore while Alibaba put in Rs 167 crore in Paytm Mall. SoftBank looks to take up a 21% stake in Paytm Mall after the total funding, while Alibaba will hold 46%