Thursday, Apr 25, 2024 | Last Update : 01:33 PM IST
Reliance Capital sells Paytm stake to Alibaba group
Earlier reports said Anil Ambani-led group co intended to raise Rs 335-402 crore through stake sale.
Mumbai: Reliance Capital has sold its 1 per cent stake in Paytm to Alibaba group for Rs 275 crore. The news pours in days after the company indicated it wanted to offload its stake in the digital payments company.
The Anil Ambani-led group firm had invested Rs 10 crore for acquiring 1 per cent stake in the online wallet provider Paytm.
With this, Reliance Capital has retained its stake it got free of cost in Paytm e-Commerce. Paytm e-Commerce has been valued at USD 1 billion in the latest fund-raising.
Overall value of the total e-commerce market in country has been pegged at $6-8 billion, according to a recent estimate.
Paytm chief executive and founder Vijay Shekhar had sold 1 per cent of his total holdings in One97 Communications, parent that runs Paytm, to raise Rs 325 crore or around $48 million.
Earlier PTI had reported that Reliance Capital was planning to raise Rs 335-402 crore ($50-60 million) by selling its stake in One97 Communications Ltd, the parent company of Paytm.
