Chinese e-commerce giant Alibaba has made a strategic investment of $680Mn in One97 Communications, the parent company of Indian mobile payment an e-commerce platform Paytm, along with its affiliate Ant Financial.
With this investment Alibaba will be the biggest shareholder in Paytm with 40% stake in the company. Under the financial contours of the transaction, existing investor Saif Partners’ stake comes down to 30% from 37% while Paytm’s founder and Chairman & Managing Director Vijay Shekhar Sharma now owns about 21%, down from 27%.
“India is an important emerging market with strong e-commerce potential, and we look forward to partnering with Paytm to deliver innovative products and services to consumers. Supporting the success of local homegrown entrepreneurial companies has long been an important part of Alibaba Group’s globalization strategy. This investment will further expand Alibaba Group’s global footprint to India’s thriving mobile commerce market,” Daniel Zhang, chief executive officer of Alibaba Group, said in the statement.
The taxi aggregator app Uber has introduced number masking feature on its platform to ensure that mobile numbers of its customers remain undisclosed to drivers and vice versa. The feature have already been tested with a number of drivers in cities across India and soon to be rolled out to all operational cities.
“We are deploying our disguised phone number technology in India. This ensures that all calls between riders and driver-partners are connected using anonymous phone numbers — so both sides can communicate with each other to coordinate a pick-up without revealing their personal phone numbers,” Uber said in a statement.
The major Indian e-commerce company FlipKart for the first time has confirmed its valuation at $15.2 Billion. The valuation is based on the recent funding round of $700 Million raised from undisclosed investors.
It is still unclear whether or not FlipKart’s existing investors have led the fresh funding round or it has new investors on board. This funding catapults Bangalore-based Flipkart to third place among the world’s most valued privately held startup companies.
This article has been adapted from TheStartupJournal.