Alibaba Marks India Entry with Paytm Topup
Co leads investment of .₹ 1,350-1,700 cr in ecomm marketplace business of Paytm
Payal Ganguly & Madhav Chanchani
Bengaluru: Alibaba, the world’s largest ecommerce company, is leading an investment round of between ₹ 1,350 crore and ₹ 1,700 crore in the online retail marketplace of Paytm, according to two people aware of the deal, marking the formal entry of the Chinese major into a market where it will now compete with US’ Amazon and India’s Flipkart.
Alipay, the payments affiliate of Alibaba and investment firm SAIF Partners, have also participated in the deal which is expected to value the online marketplace — spun out of parent company One97 Communications — at over $1 billion. Fresh infusion from Alibaba & Alipay will value Paytm E-Commerce at Paytm’s parent was valued at
during the last round of fund-raising in August 2016
Parent entity One97 Communications has so far from multiple players, including Alibaba and Ant Financial
“The Alipay-Alibaba combine will now own over 50% in the unit,” said one of the people cited above who termed this an opportune time for Alibaba to enter the fray.