China's Alibaba Group Exits India, Sells Its Entire Stake In Paytm: Report

In a significant development, Chinese tech firm Alibaba has reportedly sold its entire stake in Paytm's parent company, One97 Communications Ltd.

This block deal marked the transfer of 3.4 per cent equity, or 2.1 crore shares, of One97 Communications Ltd and resulted in Alibaba no longer being a shareholder in Paytm, ANI reported.

The Chinese company had sold around 3.1 per cent of 6.26 per cent equity in Paytm in January.

This news is seen as a significant development in the Indian market as it marks the end of Chinese involvement in Paytm.

Alibaba has been offloading stakes in listed new-age technology companies in India amid a sharp erosion in the value of its investments.

The Chinese multinational had offloaded a 3 per cent stake in online food delivery aggregator Zomato earlier in November last year, reports Economic Times.

Ealrier in 2021, Tata Group bought a majority stake in BigBasket, resulting in exit of Alibaba from the online grocer.