Of late,
Ratan Tata has made several personal investments in the country's digital economy. And now he is now picking up a small stake in
One97 Communications, which owns and operates
Paytm, and will also take on the role of an adviser at the Delhi-based firm reveals reports the Economic Times. Paytm recently raised $200 million from Ant Financial, Alibaba's payments firm, to bolster its mobile shopping platform. The 76-year-old chairman emeritus of
Tata Sons, the holding company of the $100-billion
Tata Group, has subscribed to fresh shares of Paytm, which is looking to directly compete with online retailers like Flipkart, Amazon and Snapdeal.
"I'm happy that someone like him (Tata) has put his faith and trust in our values and mission. There is no better ad viser," Vijay She khar Sharma, founder of Paytm has told The ET.
Tata has earlier invested in Snapdeal, Urban Ladder, Bluestone and Car Dekho. With the ad dition of Paytm, his portfolio is almost half a dozen strong. Add to that his advisory role at venture fund
Kalaari Capital, and he could be branded as a mini venture capitalist.
(Image: Reuters)
