Paytm Mall's business to be built on ONDC: CEO Vijay Shekhar Sharma
Premium- ‘It will be cost effective, scalable and bring even larger impact to small businesses,’ Vijay Shekhar Sharma said
Vijay Shekhar Sharma, Founder and CEO of publicly-listed fintech startup Paytm, on Monday announced that Paytm Mall's business will now be built on Open Network for Digital Commerce (ONDC), bringing a larger impact to small businesses.
“Keeping in mind our attention to building an open platform for e-commerce, our @PaytmMall ‘s business now be built on @ONDC_Official. It will be cost effective, scalable and bring even larger impact to small businesses," Sharma tweeted.
Paytm E-commerce Private Limited (PEPL), the parent entity of Paytm Mall, said it will explore opportunities in exports business in place of traditional physical goods e-commerce.
This move enables the company to create a long-term sustainable business in partnership with ONDC, which aims to democratize the purchase and sale of goods in the Indian market, driving transparency and digital independence for small businesses in the country.
Publicly listed One 97 Communications Limited (OCL) has no direct or indirect shareholding in Paytm Mall's parent entity (PEPL). PEPL is not a part of the OCL group, though PEPL uses the Paytm brand and receives services from OCL.
A Paytm Mall spokesperson said, "We are set to build on the revolutionary ONDC programme by the Government of India to drive online commerce in India. We also plan to explore opportunities in the export market. We are grateful for the support of our investors and look forward to driving sustainable growth."
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As part of the shift in the business direction of the company, PEPL also sees the exit of early investors Alibaba and Ant Group. Paytm Mall is confident of its new strategy and roadmap with the continuing support of other existing shareholders.