Chinese fintech giant Ant Group is considering selling its 30 percent stake in Indian digital payment processor Paytm amid tensions between the two Asian neighbours and a toughening competitive landscape, people with direct knowledge of the matter said.
Financial details of the possible transaction have not been firmed up and Ant, the Alibaba-backed payments-to-consumer credit behemoth, has not launched a formal sale process yet, four people told Reuters.
Paytm, which is also backed by SoftBank among others, was valued at about $16 billion (roughly Rs. 1,18,000 crores) during its latest private fundraising round a year ago. At that valuation, Ant’s stake in the Indian firm is worth about $4.8 billion (roughly Rs. 35,400 crores).