Alibaba intends to invest $575 million in ndia online shopping services Paytm

Phoenix Technology News Beijing on January 10th news, according to "the Wall Street Journal online edition reported that informed sources said the Alibaba financial services group and its subsidiary Zhejiang ant small and micro financial services group has agreed to jointly to the India mobile phone value-added service provider One97 Communications’s online payment market and business Paytm investment of approximately $575 million.

insider said that if the transaction continues to advance, Ali and small and micro financial services group will receive a total of 30% of the shares of One97. The stake in the transaction for the valuation of more than $2 billion One97.

One97 spokesman said the company is in the process of financing. "When we complete the financing, we will release the news." She said.

this investment will be the size of Ali’s first investment in India is still small, but the rapid growth of e-commerce industry. A lot of money in India electricity supplier industry has attracted the United States Amazon, Softbank and other betting online shopping industry in India will be the prosperity of investors. Ali in September last year in the United States, financing $25 billion. Small and micro financial services group operates Alipay, which provides online payment service.

informed sources said Ali’s investment will flow to One97’s subsidiary Paytm. Paytm is responsible for online payment, and operate a India mobile phone users can use the Internet market. Paytm said, the market has about 15 thousand businesses, sales of products from electronic products, clothing accessories, the amount of registered users is 25 million. Paytm said it has 20 million mobile wallet users, including taxi service Uber, Online Travel Corporation Expedia, as well as the rental site Airbnb.

informed sources said, according to the terms of the agreement reached by the two sides, India users can shop in Ali’s website, and through Paytm payment. While China users can use Alipay to buy Paytm products sold in the market. Ali’s website sellers can in Paytm market sales of products, and vice versa.

informed sources said that Ali’s investment will be used to expand the majority of market operation and development of payment technology Paytm. As part of the agreement, Paytm will receive Alipay payment technology, including payment gateway, mobile wallet system and anti fraud technology.

Ali spokesman has yet to respond to requests for comment. (compiler / Xiao rain)