One97 Communications Ltd. owned Paytm has recently formed a joint venture with Hong Kong’s company AGTech Media to develop mobile games for Indian consumers, AGTech Holdings Ltd said in a regulatory filing to the Hong Kong stock exchange on Monday, reported Mint.
AGTech Holdings Ltd owns AGTech Media, which serves integrated lottery technology and services in China, and is a platform of Alibaba Group and Ant Financial Group for lottery.
“The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India,” said AGTech.
With this joint venture, AGTech Media will hold 45%, Paytm being the majority holder. The companies will be engaged in the operation and development of several platforms, websites, and mobile applications.