Alibaba to debut in India’s mobile commerce space
Advertisement
Advertisement
Chinese eCommerce giant Ant Financial Services (AFS), part of the Alibaba Group, has announced a strategic agreement to acquire "a 25% stake in One97 to support the growth of mobile payment and commerce platform in India."
Alibaba, largest eCommerce company in the world, had garnered a sum of $25 billion through initial public offering (IPO) in the US in September 2014.
"Paytm will use the funds to grow its mobile payment ecosystem and further boost its commerce user base. The deal represents Ant Financial's first-ever investment into an Indian company," Alibaba added.
"With over 1 billion people, India's payments market has vast untapped potential," said Cyril Han, vice president, Ant Financial Services. AFS will also provide strategic and technical assistance to Paytm.
Advertisement
Citi and
AFS was set up in October last year, and it focuses on small and micro enterprises (SMEs) and consumers. It runs businesses like Alipay, Yu'e Bao, Zhao Cai Bao and Ant Credit and Alipay Wallet.
Advertisement
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market