Paytm Raises E-Commerce Pvt Ltd has raised $200 million from Alibaba Group Holding and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and US tech giant Amazon.
Alibaba.com Singapore E-Commerce Pvt Ltd picked up a 36.31 percent stake in Paytm E-Commerce for investing $177 million, according to a regulatory filing by the Indian company that runs an online marketplace.
Alibaba and its associates are also the largest shareholders in One97 Communications, which has a stake in Paytm E-Commerce. SAIF Partners’ $23 million investment will give it a 4.66 percent stake in Paytm E-Commerce, the filing showed.
Paytm Payments Bank Ltd, another company of the group, houses its electronic payment wallets and planned payments bank business.
Paytm has said that more than 200 million clients in India uses their e-wallet services.