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Alibaba invests in Paytm; paves way for formal India entry
04
Mar '17
Chinese e-commerce giant Alibaba will invest in Paytm E-Commerce Pvt Ltd, paving the way for Alibaba's formal entry into India's fast-growing e-commerce market. Investment firm SAIF Partners will also increase its stake in Paytm E-Commerce, the demerged unit of digital payments company, One 97 Communications that operates under Paytm brand.
 
According to a filing with the registrar of companies earlier this week, Alibaba Singapore E-Commerce Pvt Ltd will invest $177 million in Paytm E-Commerce, while SAIF Partners will pump in another $23 million. Post the investment, Alibaba Singapore E-Commerce will hold a 36.31 per cent share in Paytm E-Commerce, while SAIF Partners India will own 4.66 per cent.
 
The deal could well pave the way for Alibaba's official entry in the Indian market, which is already witnessing fierce competition between American online retailer Amazon and Indian companies like Flipkart.
 
Besides Paytm E-Commerce, One97 Communications has two other units—Paytm Payments Bank and Paytm Mobile Solutions. Recently, Paytm launched a separate smartphone app and website for its online marketplace called Paytm Mall.
 
Alibaba also has stake in Indian online marketplace Snapdeal, owned by Jasper Infotech Pvt Ltd. (RKS)
 

Fibre2Fashion News Desk – India


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