Paytm forms JV with Hong Kong firm for mobile games
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New Delhi: Paytm, run by One97 Communications Ltd, has formed a joint venture with Hong Kong’s 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.
AGTech Media is a wholly-owned subsidiary of AGTech Holdings, which is owned by Alibaba Group company Ali Fortune Investment Holding Ltd. Alibaba is also an investor in Paytm.
AGTech Holdings is an integrated lottery technology and services company in China and the exclusive 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,” AGTech said.
The joint venture will be engaged in the development and operation of various platforms, including website, mobile applications or other distribution channel to develop and publish a variety of products.
AGTech Media will hold 45% of the joint venture, and the rest will be with Paytm.