Popular Indian e-commerce platform, Paytm Mall, has received $222mn in investment from two Asian tech giants.
Japanese conglomerate SoftBank and China’s biggest retailer Alibaba Group Holdings are investing a total of $222mn (15bn rupee) in Paytm as part of an agreed $444mn (30bn rupee) commitment the companies announced in April.
According to China Money Network, Paytm Mall, which is owned by Paytm E-Commerce Private Ltd, is now valued at around $1.6-2bn.
According to a regulatory filing, the investment was made by three entities: Alibaba.com Singapore Ecommerce Private Ltd, Softbank UK and SB Investment Holdings (UK) Ltd.
Softbank invested a total of $198mn and took a 21% stake in the company, while Alibaba’s investment totalled $24.68mn and its existing stake has changed to 46%.