Alibaba Finance Arm to Buy Stake in India Payments Service One97
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Alibaba Group Holding Ltd.’s finance arm agreed to buy a 25 percent stake in One97 Communications Ltd., owner of an online payments processor, to tap into India’s growing e-commerce industry.
The companies didn’t disclose the amount of the investment, which is Zhejiang Ant Small & Micro Financial Services Group Co.’s first in an Indian company. One97 will use the funds to expand the mobile side of its Paytm payments platform, which has 23 million users, according to a statement Thursday.