Paytm Mall set to hire 300 people as it cuts down quarterly losses – shifts operations to Bengaluru

• Paytm Mall is looking to ramp up operations and hire 300 people for product and technology roles.
• The company also said that it has significantly brought down the cashburn in the last few months.
• However, that could also be the result of the coronavirus lockdown during which all e-commerce services had come to a stop.

Paytm Mall, the e-commerce vertical of Paytm owner One97 Communications, has announced that its shifting base from Noida to Bengaluru. The company also said that along with the move, it is also looking to ramp up operations and hire 300 people for product and technology roles.

It has also appointed Abhishek Rajan, the head of its travel business as the new COO of Paytm Mall.

“We want to bring commerce to even more customers and serve the SMEs across the country. We are well-capitalized, have a great team, and a massive network of customers to make our O2O model penetrate further in India. I am confident Abhishek will take Paytm Mall to new heights,” said Vijay Shekhar Sharma, Founder & CEO, Paytm.

The company also said that it has significantly brought down the cashburn in the last few months. However, that could also be the result of the coronavirus lockdown during which all e-commerce services had come to a stop.

“We would like to think of Paytm’s e-commerce business as a Series A startup with $200 Mn cash in the bank, where key technology and operations components required for running a commerce business have already been built. In the last 3 quarters, the team has done an incredible job of bringing down the cash burn to $2 Mn/quarter,” said Abhishek Rajan, COO, Paytm Mall in a statement.

Paytm Mall is also reportedly looking to pick up a majority stake in grocery delivery startup Grofers. Both are backed by SoftBank.

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