China-based e-commerce firm Alibaba Group Holding and its financial arm Ant Financial Services have made a strategic investment in mobile payment and commerce platform Paytm. The financial terms of the investment were not disclosed.
Ant Financial had made its initial investment in Paytm in February 2015, while Alibaba will become a new investor in Paytm after the completion of the transaction.
The fresh capital infusion will allow Paytm to achieve scale and develop its mobile commerce and payment ecosystem in India and invest in marketing, technology and talent. On the other hand, the move will enhance the ability of Alibaba and Ant Financial to tap opportunities in India?s fast-growing mobile e-commerce marketplace and digital finance industry.
