The Alibaba Group and Alibaba subsidiary, Ant Financial Services have invested in the parent company of Paytm, an Indian based mobile payment and e-commerce platform. Alibaba has agreed to make a strategic investment in Paytm. Paytm reportedly has more than 100 million Paytm Wallet users complete more than 75 million transactions every month.
The funds will be used to enable Paytm to develop its mobile commerce and payment platform in India – as well as investing in marketing, technology and human resources. The investment will also allow Alibaba to tap into the fast-growing Indian e-commerce market. The investment represents another step in Aliaba’s plans to internationalise its user base and build a global platform.
Source: Business Strategies Group Hong Kong – www.bsgasia.com