Alibaba Group Holding, Ant Financial Services Group and One97 Communications have reached an agreement under which Alibaba and Ant Financial would make an investment in digital payments player Paytm, a statement said here on Tuesday.
One97 Communications is the parent company of Paytm. Ant Financial made its initial investment in Paytm in February 2015 while Alibaba will become a new investor in Paytm after the completion of the transaction.
The statement, however, did not mention the amount of the investment.
The fresh capital infusion will allow Paytm to achieve scale and develop its vibrant mobile commerce and payment ecosystem in India and invest in marketing, technology and talent.
"Investing in Paytm will enhance the ability of Alibaba and Ant Financial to tap opportunities in India's fast-growing mobile e-commerce marketplace and digital finance industry," the statement added.
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