Alibaba Group Holding Ltd

Paytm Mall Raises Huge Fund From SoftBank & Alibaba

13Jun By Gauri SinghNo Comments

FUNDING

Paytm Mall Raises Huge Fund From SoftBank & Alibaba

The e-commerce platform of Paytm known as ‘Paytm Mall’ has raised funds amounting to Rs 1500 crore from Japenese holding company SoftBank Group Corporation and its existing lender Alibaba Group Holding Ltd. According to the reports, the recent funding is a part of the funding commitment of Rs 3,000 crore that was at first announced in April. Paytm Mall has now received the third and final tranche of the deal. Alibaba and SoftBank Corp. had undertaken to invest an amount of Rs 3000 crore jointly in the Paytm Mall out of which the amount of Rs 2600 crore supposed to be invested by SoftBank and the rest Rs 400 crore by Alibaba. Paytm Mall is a Paytm-operated e-commerce platform that operates on its own mobile application making it easy for the users to have a look on a variety of brande...

China’s Baidu to sell majority of financial services unit for $1.9 bn

China's search engine major, Baidu Inc has raised more than $1.9 billion for its maiden spun off financial service division from TPG Capital Management LP and Carlyle Group LP as it seeks funding to take on established fintech firms in China. The deal has come in the wake of a scenario where China's government is tightening regulations on the loans market to rein in shadow banking and push banks to cut bad debt. The investment will give Baidu a much-needed push to narrow down the leads that its contenders Tencent Holdings Ltd and Alibaba Group Holding Ltd. have grabbed in the financial landscape and will also help it expand beyond its core internet search business. Robin Li, Baidu Chief Executive Officer said, I feel proud to see the financial unit has graduated. This i...

Now its Tencent Backed ‘Super-App’ Vs. Tencent’s own WeChat

Another issue that is rising in China is tech apps taking over its rivals from the same backers. Recently, Meituan, a kind of Chinese technology that very few people out of the country understand is giving some serious competition to WeChat. Tencent Holdings Ltd, the messaging giant app is the developer of WeChat and a key investor in Meituan and watching its siblings take over each other, is something that nobody wants. Meituan has grown very popular in China. It has a restaurant review feature like that of Yelp (San Fransisco based review MNC), while its app also lets users order food off the menu from phone. Even to pay, users don't have to leave the Meituan app. This is the reason why its giving serious competition to Tencent's WeChat. the startup is already the world's fourth...