Ant Financial Services Group, an affiliate of China’s Alibaba Group Holding, has signed an agreement to buy 25% stake in Indian payment services provider One97 Communications in a deal valuing over $2bn.
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Under the agreement, Ant Financial will provide strategic and technical support to One97’s m-commerce and virtual wallet platform, Paytm.
Paytm will use the funds gained from the deal to grow its mobile payment ecosystem and expand its 23 million commerce user base.
The companies said in a joint statement: "This partnership between Ant Financial Services Group and Paytm will foster the growth of India’s digital payment ecosystem."
Ant Financial vice-president Cyril Han said: "With over one billion people, India’s payments market has vast untapped potential.
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By GlobalData"As smartphone use continues to rise in India, we see great opportunity in the mobile wallet space and Paytm, as a leader in this field, is best equipped to build a mobile payments ecosystem in the country."
