One97 Communications, the parent company of Paytm, a New Delhi, India-based mobile payment & commerce platform, received a strategic investment from Alibaba Group Holding Limited (NYSE:BABA) and Ant Financial Services Group.
The amount of the deal was not disclosed.
Ant Financial made its initial investment in Paytm in February 2015 while Alibaba will become a new investor in Paytm after the completion of the transaction.
The capital will allow Paytm to scale and develop its mobile commerce and payment ecosystem in India and invest in marketing, technology and talent.
Led by Vijay Shekhar Sharma, Founder and Chief Executive Officer, Paytm has a current user base of more than 100 million. Investors also include SAIF Partners, Sapphire Venture and Silicon Valley Bank.