$41.2 Mn Deal : Reliance Capital Sold 1% Stake in Paytm to Alibaba

$41.2 Mn Deal : Reliance Capital Sold 1% Stake in Paytm to Alibaba

 

The Anil Ambani-controlled Reliance Capital sold 1% stake in Paytm for $41.2 Mn (INR 275 Cr)which it had bought for $1.5 Mn (INR 10 Cr) in One97 Communications, the parent company of Paytm in 2010. Reliance capital sold this to china’s alibaba group according to a report by economic times. Though the company retains its free-of-cost stake in Paytm mall; company’s ecommerce unit. The recent deal values Paytm at over $4 Bn and closely follows Alibaba’s recent massive investment of $200 Mn in Paytm’s recently formed ecommerce unit Paytm Mall last week. closely modelled after Tmall, the Alibaba-owned marketplace e commerce play in china , This month Paytm made a major move towards capturing more Indian ecommerce customers by announcing the launch of Paytm Mall –. Paytm Mall reportedly has over 1.4 Lakh sellers spread over 1000 cities, 68 million products across categories like fashion, electronics, consumer durables and home furnishings among others at their convenience at the moment, as claimed by the company. Paytm’s CEO Vijay Shekhar Sharma had also sold 1% from his stake in the parent company for about $48.7 Mn (INR 325 Cr),to be invested in bank operations which is supposed to commence very soon , in December 2016,