China-based Ant Financial Services Group, part of Alibaba Group Holding Limited, has acquired a 25 per cent stake in One97 Communications. According to Ant Financial Services, which owns Alipay, the strategic partnership with One97 Communications will support the growth of the company?s mobile payment and e-commerce platform in India.
The receipts from the offload of the stake will be used by One97 Communications for expanding the user base of its e-wallet service Paytm. Further, the company is planning to add around 3,000 employees to Paytm?s workforce.
Ant Financial Services Group provides payment services for Alibaba Group’s marketplaces as well as third-party websites and merchants.
