Paytm E-Commerce Pvt Ltd, an Indian mobile payments and commerce platform, raised $200m in funding.
The round was led by Alibaba Group Holding, which acquired a 36.31% stake for $177m, with participation from SAIF Partners, which acquired a 4.66% for $23m.
The company intends to use the funds to expand its online business.
Led by Vijay Shekhar Sharma, CEO Paytm operates a mobile commerce platform for payments, recharges, shopping, movie tickets, etc., with over 200m registered users. It is the consumer brand of India’s mobile internet company One97 Communications, which is also backed by Ant Financial (AliPay), Mediatek, Sapphire Venture and Silicon Valley Bank.