New Delhi, Dec 3: SoftBank-backed Paytm plans to invest up to USD 2.5 billion to grow its nascent online shopping portal business within 3-5 years as it eyes top spot by beating Flipkart and Amazon, its founder Vijay Shekhar Sharma said.
Paytm E-commerce Pvt Ltd, which operates an online shopping portal for digital and physical goods, is latest to enter the e-commerce space where rivals Amazon and Flipkart are pouring in billions of dollars to boost market share.
In an interview to PTI, Sharma, 38, exuded confidence that Paytm's e-commerce unit - Paytm Mall - has a "real good shot" at reaching the top spot even though online shopping business, as such, is a long-term bet and certainly "not for the faint hearted".
"This is a marathon. It is absolutely not about this month's number versus next," said Sharma, who sees the e- commerce business as booming, but long gestation.
"As e-commerce business, we started six months ago and we are nearly half of the large companies. It has grown so fabulously well that we believe that we have a real good shot in the longer horizon, in 3-5 years, of (reaching) the top spot," he said.
The e-commerce business in India has grown at a phenomenal pace with two giants US based Amazon and home grown Flipkart battling it out for leadership of the market.
Jeff Bezos -- world's richest man -- has committed USD 5 billion investment into Amazon India, which he believes is a key market.
Flipkart, on the other hand, had received USD 2.5 billion from SoftBank and Tencent earlier this year.