Alibaba to invest INR 4000 crore in paytm(m-commerce company).Alibaba has picked up 25 per cent stake in Paytm’s parent company One97 communication through its subsidiary Ant Financial.
Earlier it has done investments in Snapdeal, FreeCharge and now Paytm which is the largest mobile payments space in India. Paytm has around 80 million digital wallets and Alibaba is interested in this major mobile commerce player in this mobile-first market to topple the largest global rival Amazon. Through the partnership with Alibaba Indian e-commerce players now also has access to Chinese market.
In the first tranche, Paytm had received $200 million (around Rs 1,280 crore) from Alibaba Group. With this latest round of funding and continuous increase in transactions via its mobile commerce platform, Paytm is expected to be valued around $4 billion.
About Alibaba
- Alibaba Group Holding Limited is a Chinese e company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals.
- It also provides electronic payment services, a shopping search engine and data-centric cloud computing services.
- Founded: 4 april 1999
- Headquarters: Hangzhou, chaina
- Founder: Jack Ma
- Alibaba.com offers a Gold Supplier membership to try to ensure that each seller is genuine.
GK QUESTION
Q- Who is the chairman of Paytm?
