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The Indian mobile payments and ecommerce company Paytm is allegedly planning to launch a luxury ecommerce platform, according to an anonymous source close to the deal.
Paytm has allegedly been reaching out to luxury brands asking them to consider selling their products on the platform, which will be called Anasa.
Gucci, Burberry, Fendi and Furla have already said they are interested in selling on the luxury platform.
The Indian luxury ecommerce market is growing rapidly and is expected to be worth 390 billion Rupees by 2020, equivalent to around 5.7 million US dollars.
Paytm’s non-luxury ecommerce site currently has over 100 million users.