Bloomberg quoted sources as saying that the newly established e-commerce provider Paytm E-commerce Pvt of Paytm, India's mobile payment platform, will receive $200 million in financing, and this round of financing is led by Alibaba Group.
According to sources, the private equity firm SAIF Partners, Alibaba and SAIF Partners, valued Paytm at $1.1 billion.
At the moment, the Indian e-commerce market is booming, and Amazon and local company Flipkart are dominant. By investing in the Paytm e-commerce platform, Alibaba will further penetrate the Indian e-commerce market.
With the sharp increase in the number of smartphone users in India, Amazon, Flipkart and another local company Snapdeal are competing for the Indian e-commerce market share. Snapdeal also received an investment from Alibaba.
These e-commerce companies have invested heavily in improving their distribution capabilities and attracting shoppers through discounts and promotions. Amazon has pledged to invest $5 billion in the Indian market, and the company believes that India will become the world's leading e-commerce market as residents' incomes grow.
As of now, Alibaba has not directly entered the Indian e-commerce market, but chose to take passive investment in startups. As the Chinese market slows down, Alibaba seeks to grow overseas, and the company's goal is to increase its overseas revenue share to 50%. Ma Yun (microblogging), the founder of Alibaba, has positioned himself as a middleman connecting European and American brands with increasingly wealthy Chinese and Asian consumers.
Alibaba's acquisition of Lazada, a Southeast Asian e-commerce platform, last year was to a certain extent in order to land in Southeast Asia.
Paytm E-commerce is a spin-off from One97 CommunicaTIons, which is the operator of Paytm's digital payment service, while Alibaba and its Ant Financial hold a large stake in Paytm's digital payment services. The $1.1 billion valuation makes Paytm E-commerce another "unicorn" company (a technology startup with a valuation of more than $1 billion) coming out of India.
Alibaba said in an e-mailed statement: "India is an important emerging market with great potential. We are committed to working with local partners to develop long-term, sustainable business." However, Alibaba refuses to specifically Investment matters are evaluated.
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