Ant's Suit to buy India payment service provider ONE97 company 25% shares reached agreement

Absrtact: The ant suit reached an agreement to acquire 25% per cent of the One97 Communications Company, the Indian payment service provider. Two companies did not disclose the amount of the agreement, but according to sources, the amount of more than 500 million U.S. dollars. Ali will buy India's mobile value-added

The ant suit reached an agreement to acquire 25% per cent of the One97 Communications Company, the Indian payment provider. Two companies did not disclose the amount of the agreement, but according to sources, the amount of more than 500 million U.S. dollars.

Ali will buy India's mobile phone value-added service provider ONE97 Communication's online payments and market operations Paytm, rumored to be the acquisition of One97 30% shares, the actual transaction completed when the trader is the ant, while the acquisition of shares accounted for 25%.

One97 Operating online platform Paytm allows users to shop or pay for utilities, similar to the payment treasure of Ant's Gold suit. ONE97 plans to use these funds to develop mobile payment operations and expand service sizes. Paytm is responsible for handling online payments in India and running an Internet bazaar that Indian users can use on their mobile phones.

It is understood that this investment will flow mainly to One97 's Paytm business unit. The Paytm department mainly deals with online payments and operates the Internet shopping business. Indian consumers can use their mobile phones to paytm these services.

According to Paytm, its bazaar has about 15,000 merchants, registered 25 million people. It also has 20 million mobile wallet users, including taxi service software Uber, online travel company Expedia, and Airbnb users of the home leasing website.

In this way, Paytm is responsible for developing payment operations and mobile wallets in India, in fact, the market is more like Taobao business platform, in addition, when the Indian electric business mature, financial management, microfinance, large data and other services based on payment platform and the development of electric business platform, but also easier to establish. This may be Ali in the Indian electric business in the next big chess.

After the acquisition, ONE97 's valuation of more than 2 billion dollars made the company one of India's most valuable new ventures, but could not be compared with the 11 billion valuation of Flipkart, an Indian electric trader in the Jingdong model. It is worth mentioning that, bullish on the Indian electricity market is not only Alibaba, Amazon last year in India, also hit 2 billion of dollars.