Alibaba, Ant Financial invest about $680 million in Paytm, up stake to 40%

New Delhi: Chinese e-commerce major Alibaba Group Holding Ltd, along with investment firm SAIF Partners, are set to invest $200 million in Paytm’s online marketplace unit.

Alibaba Singapore E-Commerce Pvt. Ltd will invest $177 million in Paytm E-Commerce Pvt. Ltd—a unit of Vijay Shekhar Sharma’s One 97 Communications Ltd that operates under Paytm brand. The remaining amount will come from SAIF Partners, an early investor in One97, according to a filing with the Registrar of Companies.

Mint had first reported on 3 February that Alibaba will lead a $200 million investment into Paytm E-commerce.

Post the investment, Alibaba Singapore E-Commerce will have a shareholding of 36.31% in Paytm E-commerce, while SAIF Partners India will own 4.66%.

Paytm declined to comment on the matter.

The $200 million investment is expected to pave the way for the much-awaited entry of Alibaba into India, where the Chinese firm will go head-to-head with Amazon India and Flipkart.

Alibaba also has a stake in Snapdeal, run by Jasper Infotech Pvt. Ltd.

Earlier this week, Paytm launched a separate smartphone app and website—Paytm Mall—for its online marketplace and is aggressively hiring people for expanding the operations.

One97 Communications has three units—Paytm E-Commerce, Paytm Payments Bank (payments bank and mobile wallet service) and Paytm Mobile Solutions.


Trending News

Nusli skips Tata Steel EGM, result awaited

Ratan Tata saving British Steel at the cost of Tata Steel India: Nusli

Blackberry Partners with Optiemus

OPEC and non-OPEC producers achieve 86 per cent conformity to output cut

Reliance eyes defense.

RIL stock maximizes 5%, market valuation ranks top Rs 4 lakh crore

How Fintech and Payments Innovations Will Disrupt Global Ecommerce

The New Nokia 3310 Gets A Camera, Expandable Storage, And A Design Makeover

Everyone Can Adopt This Founder's One-Step Productivity Advice

Reliance Jio plans to overtake Airtel, hit 50% revenue market share in 4 years

Samsung unveils Nougat for S6, and S6 Edge

Sensex up 146 Points on exit polls forecast

What the CIA WikiLeaks dump tells us: Encryption works

Idea Cellular to offer free incoming calls on domestic roaming

BJP at Centre and in states will spur growth reforms: India Inc

Forex reserves up $1.218 billion to $364 billion

Following emergent win in UP, Centre May take may take tough reform decisions.

The Top Five Challenges Of Doing Business In Dubai

My 8 Favorite Tools for Driving Business Growth

Nike's hijab line for Muslim female athletes, and Sydney boys on the importance of feminism

Uber wins driver-status case in France on legal technicality

Adani Hopes to Start Australian Coal Mine Project in August

Tesla’s $1 Billion Cash Raise May Fall Short

Race to Build Offshore Wind Farms That Float on Sea Gathers Pace

7 Things Every Entrepreneur Should Do Before 7 a.m.

Can Main Street Businesses Thrive in the Trump Era?

Russia, Saudis Move at a Different Pace as Oil Cuts Scrutinized

China Southern Said in Talks to Sell Stake to American Air