Alibaba and its subsidiary Ant Financial, which supervises online installment company Alipay, today reported a second series of funding in Indian e-payment startup Paytm.
In February this year, Ant Financial put resources into Paytm for a twenty-five percent stake.
Albeit the deal amount is not revealed by either Alibaba or Paytm, India’s Economic Times refers to insiders saying that the new venture is worth USD 680 million and takes Alibaba’s stake in Paytm up to forty percent.
The Indian startup will utilize the latest capital for scaling up its operations, advertising, and technology upgradation. Paytm is an online payment platform, particularly for India’s mobile customers. With its two-tap checkout method, it has developed to 100 million dynamic clients of the online wallet highlight. Clients do 75 million exchanges each month.
The Founder and CEO of Paytym say “we are looking forward to supporting many small scale businesses to make use of m-commerce opportunity”.
Paytm additionally has an e-commerce site and application. Alibaba has put in the previous two years putting forcefully in China and US-based new businesses. Presently it’s swinging to India. Putting resources into Paytm will assist Alibaba with tapping open doors in India’s m-trade industry.
“India is an imperative developing business sector with solid e-commerce potential. This speculation will further grow Alibaba Group’s worldwide foot shaped impression to India’s m-trade business sector,” says Alibaba CEO Daniel Zhang.
The financing from Alibaba could assist Paytm with getting solid support to tackle India’s driving e-commerce player Flipkart, Amazon’s India site, and the quick extending Snapdeal.