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.

Shoot

Trending News

Facebook face big challenge to prevent future US election meddling

Intel hit with 32 lawsuits over security flaws

Apple promises fix for serious Telugu character bug

GrabOnRent launches operations in Mumbai and Gurgaon

Crypto fall fails to drown initial coin offerings

Kalpnik uses AR & VR to help people 'go' to any place of worship

SpaceX is launching its broadband satellites into orbit this weekend

Unilever threatens to cut back online ads over 'toxic' content

Google hires former Samsung Mobile CTO to coordinate Internet of Things projects

Go-Jek plans India foray in second half of 2018

Pivoting away from Cube brought us to the right route: PayU's Jitendra Gupta

Ola parent to invest Rs 400 crore to boost Foodpanda India logistics & tech

Alibaba plans tighter integration of Paytm Mall with BigBasket & XpressBees

MakeMyTrip posts wider loss in Q3, may revisit OYO strategy

Google fined Rs 135.86 crore by CCI for 'search bias'

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Toyota, Suzuki to produce electric vehicles for India market by 2020

Qualcomm rejects Broadcom's $103 billion offer

Fashion e-tailer Voonik asks staff to forgo 3 months' salary

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities