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Paytm Raises $200 Million From Alibaba, SAIF Partners to Expand Retail Business

Paytm Raises $200 Million From Alibaba, SAIF Partners to Expand Retail Business

By Reuters | Updated: 3 March 2017 16:52 IST

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Highlights

Alibaba Group has invested $200 million in One97 Communication's Paytm
Last month, Paytm launched its standalone Mall app
Paytm said it has more than 200 million users in India

Paytm E-Commerce Pvt Ltd has raised $200 million (roughly Rs. 1,337 crores) from China's Alibaba Group Holding and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and US tech giant Amazon.

Alibaba.com Singapore E-Commerce Pvt Ltd picked up a 36.31 percent stake in Paytm E-Commerce for investing $177 million (roughly Rs. 782 crores), according to a regulatory filing by the Indian company that runs an online marketplace.

Paytm Mall Standalone App Launched for E-commerce Services

Alibaba and its associates are also the largest shareholders in One97 Communications, which has a stake in Paytm E-Commerce. SAIF Partners' $23 million (roughly Rs. 153.6 crores) investment will give it a 4.66 percent stake in Paytm E-Commerce, the filing showed.

Alibaba Group is looking to invest outside China as growth slows at home. In its biggest overseas deal, Alibaba in April agreed to buy a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion (roughly Rs. 6,680 crores).

Paytm Payments Bank Ltd, another company of the group, houses its electronic payment wallets and planned payments bank business.

Paytm has said its e-wallet service has more than 200 million clients in India.

Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.

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Further reading: Alibaba, Paytm, Paytm Mall, One97 Communications, Apps, India