Paytm is a digital paymets company.
Mumbai: Reliance Capital has sold its 1 per cent stake in Paytm to Alibaba group for Rs 275 crore. The news pours in days after the company indicated it wanted to offload its stake in the digital payments company.
The Anil Ambani-led group firm had invested Rs 10 crore for acquiring 1 per cent stake in the online wallet provider Paytm.
With this, Reliance Capital has retained stake free of cost in Paytm e-commerce. Paytm e-commerce has been valued at USD 1 billion in the latest fund-raising.
Overall value of the total e-commerce marker in country has been valued at $6-8 billion, according to a recent estimate.
Earlier PTI had reported that the company was planning to raise Rs 335-402 crore ($50-60 million) by selling its stake in One97 Communications Ltd, the parent company of Paytm.