Anil Ambani led Reliance Capital makes a whooping 275 crores profit from just 10 crore investment in a span of 4 years. Reliance capital sold its 1% equity in paytm to Alibaba group for 275 crore.
Alibaba is prime investor and majority shareholder in PayTM and planning to increase its investment in the company and create a competing landscape in eCommerce space. The newly launched PayTm mall recently raised capital from Alibaba to expand in to retail space. There we are rumors that Snapdeal is trying to sell entire equity to PayTM which was not denied by either of the companies.
Also Read Paytm Raise $200 M from Alibaba; Competes with Amazon
Vijay shekar sharma CEO and founder of PayTM is on could nine after his wallet company PayTM’s massive growth after demonetization. Currently PayTM is considered as default wallet currency in India for peer to peer and peer to merchant transactions.
Fintech is bringing lot of changes to Indian economy, Banks and traditional financial institutions are trying to embrace to change with protectionist view. Mutual funds is the other segment where revolution is happening with eKYC companies like ETmoney,Fisdom,Goalwise are making wealth management quite easy.