Paytm Raises $200 Million From Alibaba, SAIF Partners to Expand Retail Business

 
Share on Facebook Tweet Share Share Reddit
Paytm Raises $200 Million From Alibaba, SAIF Partners to Expand Retail Business

Highlights

  • Alibaba Group has invested $200 million in One97 Communication's Paytm
  • Last month, Paytm launched its standalone Mall app
  • Paytm said it has more than 200 million users in India

Paytm E-Commerce Pvt Ltd has raised $200 million (roughly Rs. 1,337 crores) from China's Alibaba Group Holding and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and US tech giant Amazon.

Alibaba.com Singapore E-Commerce Pvt Ltd picked up a 36.31 percent stake in Paytm E-Commerce for investing $177 million (roughly Rs. 782 crores), according to a regulatory filing by the Indian company that runs an online marketplace.

Paytm Mall Standalone App Launched for E-commerce Services

Alibaba and its associates are also the largest shareholders in One97 Communications, which has a stake in Paytm E-Commerce. SAIF Partners' $23 million (roughly Rs. 153.6 crores) investment will give it a 4.66 percent stake in Paytm E-Commerce, the filing showed.

Alibaba Group is looking to invest outside China as growth slows at home. In its biggest overseas deal, Alibaba in April agreed to buy a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion (roughly Rs. 6,680 crores).

Paytm Payments Bank Ltd, another company of the group, houses its electronic payment wallets and planned payments bank business.

Paytm has said its e-wallet service has more than 200 million clients in India.

Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.

© Thomson Reuters 2017

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and subscribe to our YouTube channel.

Balaji Telefilms' ALTBalaji Streaming Service Launches on Android and iOS
 
 

Advertisement