Alibaba, Softbank Provide New Funds for India’s Paytm
Alibaba Group Holding Ltd. and longtime investment partner Softbank have made a major new investment in Indian peer Paytm, boosting ties between the e-commerce companies in the world’s two most-populous countries.
Paytm, which counts Alibaba as one of its largest stakeholders following several earlier investments, confirmed the last cash infusion into its e-commerce Paytm Mall unit, but declined to provide any financial details.
“This latest investment led by Softbank and Alibaba reaffirms the strength of our business model, growth trajectory, execution capability and the potential of India’s massive O2O model in the retail space,” said Amit Sinha, Paytm Mall’s chief operating officer.
“We are committed to increasing the business growth for the offline merchants, who serve their customers daily. The funds will be deployed for empowering the shopkeepers with technology, building superior logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers.”
Paytm operates an electronic payment service as well as an e-commerce mall, using a similar hybrid to Alibaba’s own popular online malls and its affiliated Alipay online payments unit. The new investment will value that asset at between $1.6 billion and $2 billion, according to a report in Indian business publication Mint.
The latest investment totaled about $450 million, with Softbank putting up about $400 million of that and Alibaba providing the rest, Mint said.
Alibaba has been a longtime investor in Paytm, with contributions dating back to 2015. In one of the recent investments, Alibaba provided $177 million last year to Paytm E-Commerce, the online retail arm of Paytm. Before that, Alibaba and its Ant Financial Services Group affiliate had invested more than $500 million Paytm for 40% of the company.
Alibaba’s stepped-up collaboration also comes as leading U.S. retailers Walmart Inc. and Amazon.com Inc. may be vying for control of Indian e-commerce leader Flipkart, Mint reported on Wednesday. The publication cited sources as saying Flipkart was in advanced talks to sell a majority stake to Walmart, but that Amazon was also weighing making a rival bid.
Contact reporter Yang Ge (firstname.lastname@example.org)
Apr 09 05:51 PM
Apr 09 04:54 PM
Apr 09 02:08 PM
Apr 08 07:01 PM
Apr 08 07:00 PM
Apr 08 05:11 PM
Apr 08 01:30 PM
Apr 07 06:52 PM
Apr 07 02:03 PM
Apr 06 06:55 PM
Apr 06 05:03 PM
Apr 06 01:50 PM
Apr 02 06:28 PM
Apr 02 05:42 PM
Apr 02 03:55 PM
- 1Call of Duty Mobile Developer Outplays Games Publisher as Timi Studio Earns More Than Activision Blizzard
- 2Huawei Deactivates AI and Cloud Business Group in Restructuring
- 3China Services Expansion Hits Three-Month High, Caixin PMI Shows
- 4Cover Story: How a Gigantic Ship Shows the Fragility of Global Trade
- 5Beijing Exhibitions: Everything You Need to See in April
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas