Paytm raises funds from Alibaba and Anti Financial
Q. Which two companies are injecting fresh capital into the largest mobile payment and commerce platform, Paytm?- Published on 30 Sep 15a. Alibaba and Ant Financial
b. Baidu and Ant Financial
c. Alibaba and Edelweiss
d. None of the above
ANSWER: Alibaba and Ant Financial
Chinese e-commerce company Alibaba Group and finance unit Ant Financial Services Group are including fresh capital into Paytm, which is the largest mobile and commerce platform in a strategic investment. The size of the stake being acquired by the companies has not been publicly disclosed. Ant Financial has currently acquired 25% of Paytm parent firm One 97 Communications in February.
New funds are given for Paytm to expand mobile commerce and payment system in the nation. This e-commerce firm currently has greater than 100 Paytm Wallet users carrying out over 75 million transactions within the month. Both companies, Alibaba and ATM are looking to encase on opportunities in India’s largest growing mobile e-commerce marketplace and digital finance sector.
