This latest deal almost completes Alibaba leaves from India since it had earlier sold its stakes in Zomato and BigBasket. The news will bring cheer to the market as it ends the Chinese stake holding in the homegrown Paytm
Sources in the know of the development say that Chinese multinational Alibaba has sold its entire stake in Paytm in today’s block deal.
With this sale, Alibaba is no longer a stakeholder in Paytm. The company had sold around 3.1 per cent of 6.26 percent equity in Paytm in January.
This latest deal almost completes Alibaba leaves from India since it had earlier sold its stakes in Zomato and BigBasket. The news will bring cheer to the market as it ends the Chinese stake holding in the homegrown Paytm.
Since Paytm announced operating profitability in its Q3FY23 results with EBITDA before ESOP cost at Rs 31 crore, significantly ahead of its guidance of September 2023, the company’s shares have been rising.
The fintech behemoth’s operational revenue increased to Rs 2,062 crore (no UPI incentive was recorded this quarter), up 42% annually. The comprehensive operating update for January 2023 that Paytm filed with the stock exchange on February 8 came next.
The company’s vital lending and payments businesses have continued to experience consistent growth momentum. With the deployment of 6.1 million devices, Paytm strengthened its dominance in offline payments, and its average MTU, at 89 million, saw a growth of 29% for January 2023.
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