Alibaba has injected over $500 million USD in the parent company of Indian e-commerce company PayTM, One97, reflecting its commitment to India’s fast-growing e-commerce sector.

The latest funding is the second installment in One97 from the company’s ecosystem, with $200 million USD laid out for a 25% stake in February by the Alibaba’s financial affiliate, Ant Financial.

According to sources who spoke to the Financial Times, they originally planned to invest a second installment of $375 million USD to take a further 20% stake, but upped the figure to over $500 million to reflect the company’s higher valuation. 

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com