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Last Updated Thursday October 19 2017 09:57 PM IST

Alibaba, SAIF to invest $200mn in Paytm e-marketplace

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Alibaba Group Alibaba Group. IANS

New Delhi: Chinese e-commerce major Alibaba, along with investment firm SAIF Partners, will pump in $200 million in Paytm's online marketplace unit.

Alibaba Singapore E-Commerce Pvt Ltd will invest $177 million in Paytm E-Commerce Pvt Ltd, the demerged unit of digital payments company, One 97 Communications that operates under Paytm brand.

Read also: HDFC, ICICI, Axis to charge you at least Rs 150 after 4 free transactions a month

The remaining amount will come from SAIF, an early investor in One 97, according to a filing with the registrar of companies.

Post the investment, Alibaba Singapore E-Commerce will have a shareholding of 36.31 percent, while SAIF Partners India will own 4.66 percent in Paytm E-Commerce.

Paytm declined to comment on the matter.

This deal is expected to pave the way for the much-awaited entry of Alibaba into India, where the Chinese firm will go head-to-head with American online retail giant Amazon and homegrown player Flipkart.

Alibaba also has stake in Indian online marketplace Snapdeal.

Earlier this week, Paytm launched a separate smartphone app and website for its online marketplace called Paytm Mall and is aggressively hiring people for expanding the operations.

One97 Communications has three units -- Paytm E-Commerce, Paytm Payments Bank (payments bank and mobile wallet service) and Paytm Mobile Solutions.

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