Alibaba's Ant Financial to take 25% stake in One97
[SHANGHAI] Ant Financial, an affiliate of China's Alibaba Group Holding Ltd, will take a 25 per cent stake in India's One97 Communications, which runs the Paytm online payment platform, the companies said in a statement on Thursday.
The deal represented Ant Financial Services' first investment into an Indian company, the statement said. Ant, which runs the Alipay online payment platform, will provide Paytm "with strategic and technical support for its business", it said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think
Hollywood animation, VFX unions fight AI job cut threat