TIL Desk/Business/New Delhi-With its business maturing on home ground, Chinese e-commerce giant Alibaba Group Holding is planning a major entry into India and might place a chunk of bets on mobile wallet giant Paytm, its biggest investment in this country.
Alibaba believes mobile and payments would be an important strategic asset for it in India. According to a transcript of the earnings call, available on the seekingalpha.com portal, Joseph C Tsai, executive vice-chairman, said: “The other emerging market is in India, where we have decided to play some very strategically located assets in that market.
We invested jointly with Ant Financial into a company called Paytm, largest mobile wallet company in India. We think mobiles and payment are going to be important strategic assets for us in that market.” Alibaba is playing a big role in helping to train the senior management of the upcoming Paytm Payment Bank.
