New Delhi: Chinese multinational conglomerate Alibaba, one of the earliest backers of One97 Communications-owned Paytm, has reportedly sold its last 3.4 per cent stake in the homegrown fintech company.
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In a block deal, 3.4 per cent equity ( or 2.1 crore shares) of Paytm’s parent company One97 Communications Ltd (OCL) have changed hands on Friday, ANI reported. Sources in the know of the development say that Chinese multinational Alibaba has sold its entire stake in Paytm in today’s block deal, the report added.
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With this sale, Alibaba is no longer a stakeholder in Paytm. The company had sold around 3.1 per cent of 6.26 per cent equity in Paytm in January. This latest deal almost completes Alibaba’s exit from India since it had earlier sold its stakes in Zomato and BigBasket.
