Chinese fintech giant Ant Financial, an affiliate of Jack Ma’s Alibaba Group, has officially exited Indian digital payments major Paytm by offloading its entire remaining stake of 5.84% in parent company One97 Communications for ₹3,980 crore. The divestment comes as part of Ant’s gradual retreat from Indian financial markets and marks a significant reshaping of Paytm’s shareholding structure.
On August 5, 2025, Antfin (Netherlands) Holding BV, a European affiliate of Ant Group sold approximately 3.73 crore equity shares of One97 Communications through bulk deals on the Bombay Stock Exchange (BSE).
The shares were sold at an average price of ₹1,067.53–₹1,067.63 per share, taking the total transaction value to ₹3,980.76 crore. This was the final leg of Ant Group’s phased exit from Paytm, following a series of stake reductions since the company’s IPO in 2021.
The news caused shares of One97 Communications to fall 2.38%, closing at ₹1,052.65 on the BSE.
Who Bought the Shares? Global Investors Step In
The exit of Ant Group opened the door for new global investors to enter Paytm’s cap table. According to BSE data, among the notable buyers were:
- Societe Generale (Paris-based financial group), which acquired 67.5 lakh shares through its two affiliates, translating to 1.06% stake in Paytm, for a total value of ₹720.56 crore.
- MY.Alpha Management (Hong Kong), through its fund, MY Asian Opportunities Master Fund LP purchased 35 lakh shares or 0.55% stake for ₹373.62 crore.
The purchases were made at an average price of ₹1,067.50 per share, suggesting strong institutional interest in Paytm’s future amid Ant Group’s retreat.
Details about other buyers have not yet been disclosed in exchange filings.
From Majority Stakeholder to Complete Exit
Ant Group was once the largest stakeholder in Paytm. Prior to the IPO in November 2021, Ant and its affiliate companies, along with Alibaba Group, held a combined 34.7% stake in the company. However, regulatory pressures and geopolitical concerns triggered a progressive unwinding of that investment.
In 2023, as part of a significant restructuring effort to shed its Chinese-owned entity image, Paytm transferred Antfin’s 10.3% stake to Resilient Asset Management BV, an entity controlled by founder Vijay Shekhar Sharma and his family. In exchange, Antfin received optionally convertible debentures, maintaining some indirect economic interest, but giving up direct voting rights and shareholding control.
This transaction reduced Ant Group’s direct stake to 13.5%, which continued to decline through 2024 and 2025 as Ant Group offloaded further shares on the open market.
In May 2025, Ant Group sold over 2.55 crore shares (4% stake) for ₹2,103 crore. The latest and final sale in August 2025 represents the completion of Ant’s full exit from Paytm.
Who Owns Paytm Now? A Look at the Cap Table
With Ant Group now fully out of the picture, Paytm’s shareholding has shifted primarily into the hands of Indian promoters and global financial institutions.
As of June 2025:
- SAIF Partners, a Hong Kong-based private equity firm, owns 15.34% through two affiliates.
- Resilient Asset Management BV, backed by Vijay Shekhar Sharma, owns 10.24%.
- Vijay Shekhar Sharma also owns a direct 9.07% stake in the company.
- Other institutional investors, including global funds, now hold increasing percentages post-Ant’s exit.
This marks a significant de-Sinicization of Paytm’s ownership, which has long been under the spotlight due to Chinese investments in Indian tech firms, particularly following geopolitical tensions and India’s tightening of foreign direct investment (FDI) rules in 2020.
Ant Group’s exit is symbolic and strategic. It offers regulatory relief for Paytm, particularly as Chinese investors have come under scrutiny by Indian authorities in sectors related to finance, data, and national security.
Furthermore, with Indian ownership increasing through founder-led entities, Paytm is now better positioned to align with local regulations, enhance corporate governance, and tap into domestic institutional support. This shift is expected to boost investor confidence as Paytm works toward achieving profitability and expanding its financial services ecosystem.
The entry of firms like Societe Generale and MY.Alpha Management also reflects renewed global interest in India’s fintech and digital payments space, especially in the aftermath of UPI’s dominance and Paytm’s expanding merchant services.
Ant Financial’s full divestment from Paytm marks the end of a significant chapter in the history of Indian fintech. Once a major backer that helped scale Paytm into a digital payments behemoth, Ant Group’s exit reflects a broader realignment of global tech investments driven by politics, regulations, and strategic repositioning.
For Paytm, this could prove to be a turning point. Freed from the shadow of Chinese ownership and buoyed by renewed interest from Western and domestic investors, the company may now enter a phase of greater strategic autonomy, regulatory flexibility, and possibly renewed market momentum.
As Paytm looks to the future with a focus on credit, insurance, and wealth products, it does so with a leaner, more India-aligned shareholder base, potentially unlocking new paths for innovation and growth.
