Fashion
ANT Financial Services Group, an affiliate of China’s Alibaba Group Holding Ltd, has agreed to buy 25 percent of Indian payment services provider One97 Communications, tapping into the country’s smartphone and online industry boom.
The companies did not provide the value of the deal, but a person with knowledge of the matter called the investment a precursor to One97 listing on the stock exchange, and said the stake was worth more than USD500 million.
The deal values One97 at more than USD2 billion, making it one of the most valuable startups in the country. One97 runs Paytm, an online platform through which users can shop or pay utility bills, whereas Ant runs Paytm’s Chinese peer Alipay.
