NEW DELHI: Alibaba’s Jack Ma seems to have a cracker of a diwali gift for Paytm, one of the largest m-commerce companies in India. According to sources, Alibaba, via its group entity Ant Financial Services, is about to infuse Rs 4,000 crore into Paytm, which is run by One97 Communications. This amount is expected to come within next sixty days, a source close to the development said .
In the first tranche, Paytm had received $200 million (around Rs 1,280 crore) from Alibaba Group. With this latest round of funding and continuous increase in transactions via its mobile commerce platform, Paytm is expected to be valued around $4 billion.
When contacted, a spokesperson of Paytm declined to comment.
Source: Times of India