Alibaba exits India after selling entire stake of 3.4% equity in Paytm: Report

Chinese multinational Alibaba has sold its entire stake of 3.4 per cent equity in Paytm in 10 February's block deal, reported news agency ANI.

With this, Alibaba is no longer a stakeholder in Paytm. The Chinese multinational in January had sold around 3.1 per cent of 6.26 per cent equity in Paytm.

Prior to this, Jack Ma's founded firm had sold its stakes in Zomato and BigBasket. It is expected that the latest news of Alibaba selling its stake is most likely to bring cheer to the market as it ends the Chinese stake holding in the homegrown Paytm.

ALSO READ: Paytm share price today tanks on buzz of block deal after rallying for 4 straight trading days

Since it announced operating profitability in its Q3FY23 results with EBITDA before ESOP cost at ₹31 crore, fintech giant's shares have been rallying in the last few days.

Paytm's revenue from operations increased to ₹2,062 crore, growth of 42 per cent on a yearly basis. It was followed by Paytm's robust operating update of January 2023 that it filed with the stock exchange on February 8.

The firm has continued to witness sustained growth momentum in its key payments and lending business. With the deployment of 6.1 million devices, Paytm strengthened its leadership in offline payments, while its average MTU at 89 million registered a 29 per cent growth for the month of January 2023.

With agency inputs.