In January, Alibaba sold about 3% of Paytm for $125 million, cutting its holdings from 6.26%, based on NSE data.
‘India’s Alipay’Founded in 2010, Paytm is India’s largest payment platform, with more than 300 million registered customers and over 20 million merchants.
Paytm and Ant Group had been working on “synergies” since Ant made the initial investment, the company said.
In early 2021, Alibaba sold a major stake in BigBasket, an online grocery retailer, to Indian conglomerate Tata Group.
In May 2022, Alibaba and Ant Group offloaded their entire stake in Paytm Mall, the e-commerce platform of Paytm.