Paytm to build 'New Retail' vertical
Mumbai, July 28 : Digital payments company Paytm on Saturday said that it will build a "New Retail" model to equip shopkeepers with technology, logistics and marketing capabilities.
According to One97 Communications, that owns the brand Paytm, under the new model, "consumers will soon be able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries".
"Paytm is also building P2P logistics with a rider network spread across the country which will be utilised for intra-city deliveries," the company said in a statement.
"The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting payments and will soon extend 'New Retail' services to them."
Paytm Founder and CEO Vijay Shekhar Sharma said that local ordering is expected to become one third of Paytm orders and GMV (Gross Merchandise Value) by 2020.
As per the statement, Renu Satti will lead the charge as COO of this new initative.
"In the past, she has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank. Renu Satti has already resigned from Paytm Paymnets Bank CEO position and the Bank will soon be recruiting a new CEO," the statement said.
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Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
