Paytm, Alibaba’s AGTech Holdings launch new mobile gaming platform
Bengaluru: Mobile payments company Paytm and Alibaba Group-owned AGTech Holdings Ltd have formed a joint venture to launch Gamepind, a gaming platform aimed at mobile users in India.
Gamepind will offer a host of popular social, casual and sports games with an exclusive rewards programme. The platform will be available as a standalone app and in the Paytm app, the company said in a statement on Monday.
In addition, the platform will offer cash coupons and products, which will serve as a marketing and promotional platform for merchants to engage with mobile shoppers and gamers.
The joint venture between Alibaba’s AGTech Holdings and Paytm was originally signed in July 2017. AGTech Media currently holds 45% in the joint venture, and Paytm owns the rest. At the time of signing of the agreement, Paytm’s parent company One97 invested $8.8 million in the venture for its 55% stake, and AGTech Holdings put in $7.2 million for its 45% stake.
“India’s young consumers are experimenting and discovering more entertainment options on the mobile. Gaming is therefore growing in the country and becoming big with mobile users. We are happy to partner with AGTech to build an incredible gaming destination. AGTech’s expertise and experience in global gaming market will help us accelerate our plans in gaming and bring exciting content to our users,” Vijay Shekhar Sharma, chief executive officer of Paytm, said in a statement.
“We are excited to partner with Paytm to localize this unique platform for its 300 million and growing registered customer base by combining Paytm’s local resources and our expertise in gaming and other user engagement activities. A member of Alibaba Group and Ant Financial Group, we have been active in looking for international expansion opportunities capitalizing on the vibrant ecosystems of Alibaba Group and Ant Financial Group,” John Sun, chairman of AGTech, said in the statement.
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