17 March, 2016, India: In order to extend its presence in India’s online payment wallet, Paytm, China’s Alibaba is looking forward to raise its stake in the company. According to the source, Chinese firm will be taking its final call on hiking its stake in Paytm in its Board meeting at its headquarter in Hangzhou in the third week of April.
As per the statement of the source, “They (Alibaba Group) are very keen on hiking their stake in Paytm. A board meeting to be held in the third week of April at its headquarters in Hangzhou will discuss this extensively and a decision on it will be taken.” However, officials of Paytm declined to comment on the issue when contacted by media.
The last round of funding raised by Paytm valued it at US $3.4 billion. Competition in the digital wallet and e-commerce sector is getting fierce with every player looking to expand its market share. In their bid to corner a higher chunk of the e-commerce market, they are considering both organic and inorganic strategies, reports DNA.
Paytm is considered as one of the leaders in online mobile wallet segment but now, it is facing a tough completion with its competitors such as MobiKwik, Oxigen etc. and in the recent development, Amazon India has also shown interest in setting up its venture in this segment. This will churn up the market as the competition will be getting aggressive than ever.