Paytm Mall absorbs 800 from One97 Communications, to hire 2,000 more

Paytm has transferred 800 people from its parent company One97 Communications to Paytm Mall. Alibaba-backed digital wallet firm said it will hire around 2,000 more employees across business and technology roles this year.

Paytm Mall, which competes with Flipkart and Amazon, recently appointed Amit Sinha as its COO. Former Alibaba.com director Bhushan Patil who joined Paytm last year will handle logistics from Bengaluru.

In April this year, Paytm E-commerce Pvt. Ltd, the entity behind Paytm Mall received a funding of $200 million led by Alibaba Group Holdings and SAIF Partners.

Last week, SoftBank-backed Paytm said it aims to sell a tonne of gold through its platform this year, buoyed by an increasing number of consumers turning to digital avenues to invest in the yellow metal.

The company claims to have already sold over 100 kg of gold through its platform in two months since the launch of the service in May this year.

On May 23, Paytm announced the launch of its payments bank in India. As a payments bank, Paytm can now accept customer deposits upto Rs 1 lakh per customer in a wallet. Paytm is offering customers a 4 per cent interest rate.