Paytm Hives off E-commerce Business into Separate Entity

Mobile wallet giant Paytm has separated its e-commerce business and payments bank into two separate entities, as the company believes both the businesses have different growth cycles and can be independent of each other.

Paytm E-commerce Private Limited was set up on August 16 and lists founder Vijay Shekhar Sharma as the majority shareholder in the firm.

The move is seen as a response to the company’s key investor Alibaba’s proposed plans to enter India’s e-commerce space.