Why Alibaba exits India by selling all its stakes in Paytm? Big news
Pubnews: Why Alibaba exits India by selling all its stakes in Paytm? Virtually farewell to Alibaba from the Indian market. The Chinese multinational is reported to have sold all its stake to Indian company Paytm in an overall deal on Friday.
Alibaba started thinking about doing business in India last January. They were walking towards this decision due to a series of losses. For this, they have already sold 3.1 percent of their 6.26 percent equity to Paytm. It is now known that in the latest deal, they have sold their remaining stake to Paytm. In other words, Alibaba has nothing to do with Paytm. The company had earlier sold its stake to Zomato and Big Basket.
The founder and CEO of Paytm had earlier said that Alibaba was never a strategic shareholder of Paytm. However, it is reported that the decision of Alibaba has put a smile on the face of the Indian company. Because they have no Chinese competitors in this regard. Paytm owner One97 Communications said its total revenue rose to Rs 2,062 crore in the third quarter of the current fiscal. Out of this, the taxable profit is Rs 31 crore. Total loss reduced by Rs 392 crore. The CEO of the organization, Vijay Shekhar Sharma, said that it was possible to turn around with the united efforts of the workers. Paytm is determined to turn a profit in the new year.