Online market place Paytm e-commerce has paid a total sum of 620 crore to its parent company One97Communications for the transfer of its assets. The Alibaba-backed company clocked Rs 7.3 crore in revenues with a loss of Rs 13.6 crore between August 2016 and March 2017, as per its financials.

About Paytm E-Commerce

Paytm E-commerce started in August 2016 after its parent company One97 Communications separated its two business Paytm’s wallets and ecommerce operations following the receipt of a payments bank license.

While the Paytm e-commerce demerged, One97Communications still continued to own 49% stake in payments bank unit and rest of the stake is held by founder Vijay Shekhar Sharma.

1,000 crore Reserved for Marketing, Cashback and Promotions  

Alibaba and its installments associate Ant Financial possesses a dominant part stake in Paytm E-business. In an offer to develop as one of the contenders for the best spot against Flipkart and Amazon India, Paytm E-business has reserved Rs 1,000 crore for showcasing, cashback and promotions in September-October sale.

Paytm E-trade has been touted to likely turn into the vehicle for solidification going ahead in the online retail space by Alibaba, which has had discourses with all real level players in the nation.