Alibaba signed an agreement to acquire 25 percent stake in One97 Communications

Feb 9, 2015 18:35 IST

E-commerce firm Alibaba on 4 February 2015 signed an agreement to acquire 25 percent stake in One97 Communications. One97 Communications is the parent of mobile commerce firm Paytm.  

With this deal, Alibaba announced its debut in m-Commerce space in India. Both the companies did not disclose the value of the transaction.

The deal is aimed to tap the mobile payments business in a market where the lines between telcos, banks, retailers, and so-called e-wallet companies.

Paytm will use the funds to grow its mobile payment ecosystem and further boost its commerce user base. The deal will also provide Paytm with strategic and technical support for its business.

Ant Financial and Paytm will also build on synergies in the mobile wallet front in order to offer Indian consumers comprehensive product and services and to tap the significant potential of the India mobile payment market.

Established in October 2014, Ant Financial Services Group focuses on small and micro enterprises (SMEs) and consumers. It operates business like Alipay, Yu'e Bao, Zhao Cai Bao and Ant Credit and Alipay Wallet -- largest mobile payment service provider in China with over 190 million users.

One97 Communications is a mobile Internet firm, which runs Paytm mobile payment and commerce platform. It is backed by marquee investors such as SAIF Partners, Sapphire Ventures and Saama Capital.

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Read more Current Affairs on: Alibaba , 25 percent stake , One97 Communications , Paytm-Alibaba tie up

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