India’s Paytm Set to Receive $300 Million Investment, Report Says
India-based online commerce platform Paytm soon could gain a $300 million investment from China-based e-commerce giant Alibaba and Taiwan-based microchip firm MediaTek, according to an Aug. 29 report in the Financial Times.
Alibaba and its affiliate Ant Financial last year invested abo
ut $680 million in Paytm parent company One97 Communications last year. Ant Financial made an initial investment in Paytm in February 2015.
Paytm is India’s largest mobile commerce platform with a current user base of more than 100 million, according to the company. The new investment would reportedly value Paytm at $5 billion, and come amid what the Financial Times called a slowdown in investment in the Indian tech sector.