“Globalisation is one of our key strategies for Alibaba. As part of this strategy, India is a very important topic. India is a very important market for us to look at,” said Daniel Zhang. “Before entering any new market, we ask ourselves how we can help the local market. For a market like India, the key aspect of our strategy is to help the local enterprises grow,” he added.
It’s biggest bet in India, which costed them an investment of $1.4 billion in the payments wallet, is something the company is “happy” about.
“We have invested in Paytm. We are very happy to see digital payment becoming so popular in India. This is one of the best examples to demonstrate how we want to help the local markets grow,” Zhang said.
Paytm also entered the e-commerce sector by launching Paytm Mall and making it run as a separate entity. The boost in Paytm after demonetisation has helped it to gain penetration in the market. The goal, according to CEO Daniel Zhang, is to strengthen its presence in India by working with the local people.