 "Alibaba takes control of India’s Paytm with fresh $200m funding")
Jack Ma’s Alibaba continued its quiet global expansion on Friday, leading a $200 million funding round in Paytm to give it control over the newly launched Paytm Mall site and app.
The move is confirmed by a regulatory filing in India, as reported by Business Standard.
Paytm, launched in 2010, has not issued a statement regarding the funding, but according to documents submitted to the registrar of companies accessed by Tech in Asia, Alibaba will put $177 million into Paytm. The remaining $23 million will come from SAIF Partners.
It comes nearly a year after Alibaba took a controlling stake
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