Paytm eCommerce, the online retail venture of One97 Communications that also owns wallet service Paytm, has raised $200 million from China's Alibaba Group Holding and venture capital fund SAIF Partners, reports Reuters. With the new cash injection, the startup aims to invest in its growth and further expansion.
The deal
- Alibaba.com Singapore E-Commerce Pvt Ltd invested $177 million for a 36.31 percent stake in Paytm E-Commerce
- SAIF Partners invested $23 million for a 4.66 percent stake in Paytm E-Commerce
- Alibaba is also an investor at One97 Communications, the parent company of Paytm eCommerce.
- Paytm claims to have over 200 million users for its wallet service in India
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