Alibaba, Alipay seek stake in India’s One97
Print Edition
CHINA’S Alibaba Group Holding Ltd and its unit Alipay are in advanced talks to buy a stake for about US$550 million in India’s One97 Communications, which owns an online payment platform, sources directly involved in the transaction said.
The investment by Alibaba, the world’s largest e-commerce company, is expected to be announced by the end of this month. It will be Alibaba’s first significant investment in India’s rapidly growing online business segment.
Under the terms of the deal, Alibaba and Alipay, China’s top payment service provider controlled by Alibaba’s Executive Chairman Jack Ma, will hold between 30 percent and 40 percent of One97 after the investment, the sources said.
One97 runs Paytm, an e-commerce platform which consumers can access through mobile apps.
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