On March 7, Business giant the Reliance Capital sold about 1% of its stake in digital payment portal Paytm to China’s Alibaba Group. It settled for Rs 275 crore, the cost of the deal, which will be procuring huge gains for the Ambani-led group. The finance arm of the Reliance group had to invest a net cost of Rs 10 crore for this stake in Paytm.
The strategic deal has a value of more than USD 4 billion to Paytm, which is already backed by Alibaba group. As per Outlook India reports, Reliance Capital has retained a stake in Paytm e-Commerce, which it had got free of cost by virtue of the investment in the parent firm. In the latest fund-raising round, Paytm e-Commerce was valued at USD 1 billion.
However, both Reliance Capital and Paytm spokesperson refused to comment on the deal.