Alibaba Group Holding Ltd.’s finance arm, Ant Financial Services has acquired 25% stake in One97 Communications Ltd (
Paytm).
Ant, which runs the Alipay online payment platform, will provide Paytm with strategic and technical support for its
business.
Paytm will use the fund to grow its userbase (it already has 23 million wallet users in India). Paytm is also applying for the Payments Bank license.