Paytm lifts $200 Million From Alibaba, SAIF Partners to enlarge Retail Business

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E-commerce Pvt Ltd Paytm has elevated $200 million (approx Rs. 1,337 crores) from China’s Alibaba Group Holding and SAIF Partners to enlarge its online retail business. This decision has been taken to dominate e-commerce companies Flipkart and Amazon.

As per the e-commerce company, Singapore based firm Alibaba.com took up 36.31 percent support from Paytm to spend $177 million (approx Rs. 782 crores).

In One97 Communications, Alibaba¬†and its members are also the biggest shareholders which have a stake in Paytm. SAIF Partners’ $23 million (approx Rs. 153.6 crores) venture will provide it a 4.66 percent stake in Paytm E-Commerce.

Alibaba Group is hoping to contribute outside China as development moderates at home. In its greatest abroad arrangement, Alibaba in April consented to purchase a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion (generally Rs. 6,680 crores).

Paytm Payments Bank Ltd, another organization of the gathering, houses its electronic installment wallets and arranged installments bank business.

Paytm has said its e-wallet benefit has more than 200 million customers in India.

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