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The country’s leading fintech company Paytm is not taking the name of reducing its difficulties. Paytm, which is already going through tough times, has seen a major investor exit. Chinese company Alibaba has sold its remaining 3.16 per cent direct stake in Paytm’s parent company One97 Communications for about Rs 1,360 crore.
Sources said on Friday that with this deal, Alibaba has sold its entire stake in the company. As of December 2022, Alibaba holds a 6.26 percent stake in Paytm. It had sold 3.1 per cent stake in it in January. The deal for sale of the remaining 3.16 per cent stake took place on Friday.
A source aware of the development said that Alibaba has today sold its entire direct stake in Paytm in a wholesale deal. Apart from Alibaba, its group company Ant Financial holds around 25 per cent stake in Paytm. However, emails sent to Paytm and Alibaba regarding the deal did not elicit any response.
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