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.