Wednesday, December 2, 2020
Amid tensions between the two Asian neighbours and a toughening competitive landscape, Chinese fintech giant Ant Group is considering selling its 30 percent stake in Indian digital payment processor Paytm according to some sources.
Financial details of the possible transaction have not been firmed up and Ant, the Alibaba-backed payments-to-consumer credit behemoth, has not launched a formal sale process yet.
Paytm, which is also backed by SoftBank Group Corp among others, was valued at about $16 billion during its latest private fundraising round a year ago. At that valuation, Ant’s stake in the Indian firm is worth about $4.8 billion.
