Reliance capital sells Paytm stake: After getting a huge popularity of Jio among customers, Reliance Capital sold digital payment service Paytm stake to Alibaba group for Rs 275crore as it has earned more than investment so far.
Reliance Capital got massive returns after investment of 10 crores in Paytm
The stake which values around 1 percent of the Reliance group is supposed to provide huge gains to the Ambanis-led firm.
According to PTI sources, Reliance Capital had earlier invested Rs 10 crore for Paytm stake, which return a huge capital to the company. The investment of 10crore gave a valuation of over USD 4billion to Paytm.
However, now Reliance Cap retains stake free of cost in Paytm e-commerce. It sold Paytm stake to Alibaba group for Rs 275crore.
Reliance capital sells Paytm stake: USD 1 billion raised by Paytm in the latest fundraising
Paytm boost its performance with 2,000crore in July as GMV at a group level. With this huge profit, the company has become third largest consumer internet company after Flipkart and Amazon.
According to the sources of PTI, Paytm has raised the value of USD 1 billion in the latest fund-raising and is already backed by Alibaba group. When contacted to Reliance Captial spokesperson and Paytm spokesperson, both decline to comment on the deal.