Alibaba Group and Ant Financial plan fresh investment in Paytm
29.09.2015 631 views
Alibaba Group and Ant Financial Services Group and One97 Communications, the parent company of Paytm, India’s largest mobile payment and commerce platform, have agreed to make a strategic investment in Paytm.
Ant Financial made its initial investment in Paytm in February 2015 while Alibaba will become a new investor in Paytm after the completion of the transaction. The new capital infusion will allow Paytm to achieve scale and develop its mobile commerce and payment ecosystem in India and invest in marketing, technology and talent.
Investing in Paytm will enhance the ability of Alibaba and Ant Financial to tap opportunities in India’s mobile ecommerce marketplace and digital finance industry. Ant Financial’s further investment in Paytm with this transaction demonstrates the company’s confidence in India’s digital payment sector. Ant Financial and Paytm will continue to capitalise on opportunities in mobile wallet to offer Indian consumers comprehensive products and services and to tap the significant potential of the India mobile payment market.
Eric Jing, President of Ant Financial Services Group said that his company and Paytm aim to harness the mobile payment opportunities in India. Daniel Zhang, Chief Executive Officer of Alibaba Group said that the Indian market is appealing due to its strong ecommerce potential. He also said that the latest investment will further expand Alibaba Group's global footprint to India’s mobile commerce market.
Paytm’s business has grown since Ant Financial initially invested in Paytm in February, 2015. Ant Financial has also been offering strategic and technical support to the company. Paytm has recently crossed 100 million Paytm Wallet users who carry out over 75 million transactions every month. With this achievement, Paytm has inched closer towards its larger vision of bringing half a billion Indians to the mainstream economy.
Source: The Paypers