Alibaba sells entire stake in Paytm for around Rs 13,600 cr

/PTI

New Delhi, February 10

Chinese e-commerce giant Alibaba has completely exited from One97 Communications Ltd (OCL), which operates under Paytm brand. With this deal, Alibaba has almost completely offloaded its holdings in Indian companies, having earlier sold its stakes in Zomato and BigBasket.

Exits India completely

• With this deal, Alibaba has almost completely offloaded its holdings in Indian companies, having earlier sold its stakes in Zomato and BigBasket
• The Chinese firm sold its 3.16% direct stake (around 2.8 crore shares) in digital financial services firm One97 Communications in a block deal

Paytm’s shares have risen since the beginning of the week after announcing operating profits for the third quarter ending December with gross profits of Rs 31 crore exceeding market expectations. Paytm had increased its revenue from operations to Rs 2,062 crore during the quarter, which marked an annualised growth of 42%.

Alibaba is learnt to have sold 3.16% direct stake in digital financial services firm One97 Communications for about Rs 13,600 crore in a block deal, according to sources.

Alibaba had 6.26% direct stake in Paytm as of December 2022. Of this, it had sold 3.1% stake in January. The remaining 3.16% was sold on Friday. — PTI