Alibaba's Jack Ma seems to have a cracker of a diwali gift for Paytm, one of the largest m-commerce companies in India.
Alibaba’s Jack Ma seems to have a cracker of a diwali gift for Paytm, one of the largest m-commerce companies in India.
Alibaba's Jack Ma seems to have a cracker of a diwali gift for Paytm, one of the largest m-commerce companies in India. According to sources, Alibaba, via its group entity Ant Financial Services, is about to infuse Rs 4,000 crore into Paytm, which is run by One97 Communications. This amount is expected to come within next sixty days, a source close to the development said .
In the first tranche, Paytm had received $200 million (around Rs 1,280 crore) from Alibaba Group. With this latest round of funding and continuous increase in transactions via its mobile commerce platform, Paytm is expected to be valued around $4 billion.
When contacted, a spokesperson of Paytm declined to comment.
Earlier in June,Alibaba's founder and executive chairman,Jack Ma revealed his vision for the future of the company while speaking at a luncheon with the Economic Club of New York.
Ma made one thing clear - branching out of China is key for the company's future. Specifically, Ma wants small businesses from the United States to buy and sell their products on Alibaba.com.
Besides, Alibaba.com mainly features Chinese exporters selling to people in other parts of the world (and there's some admittedly weird stuff on there).
However, he pointed out that big companies established in the United States already have a presence in China, but it's not as easy for smaller companies to flourish in China.
That's where Alibaba comes in. E-commerce is huge in China, Ma says, simply because it's the best way to buy products in the country.
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