Alibaba invests in Indian mobile payment player One97
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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.
Questions & Answers
Q.Which company has made an investment in One97 Communications?
Which company has made an investment in One97 Communications?
ANT Financial Services Group, an affiliate of China’s Alibaba Group Holding Ltd, has agreed to buy a 25 percent stake in the Indian payment services provider.
Q.What is the primary business of One97 Communications?
What is the primary business of One97 Communications?
One97 Communications runs Paytm, an online platform allowing users to shop or pay utility bills. ANT Financial operates Alipay, Paytm's Chinese counterpart.
Q.What is the estimated valuation of One97 Communications following this deal?
What is the estimated valuation of One97 Communications following this deal?
The deal values One97 Communications at more than USD2 billion. This makes it one of the most valuable startups in India.
Q.What is the strategic reason for Alibaba's investment in One97?
What is the strategic reason for Alibaba's investment in One97?
Alibaba's affiliate is tapping into India’s booming smartphone and online industry. A person with knowledge of the matter also called the investment a precursor to One97 listing on the stock exchange.
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