China's Ant considering Paytm stake sale amid tensions with India: Report

Agencies
December 2, 2020

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Hong Kong, Dec 2: Chinese fintech giant Ant Group is considering selling its 30% 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 Group Corp among others, was valued at about $16 billion 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.
Both Ant and Paytm said that the information was incorrect. A Paytm spokesman said, "there has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake."

Ant's possible exit from Paytm would mark another reversal for the Chinese company hot on the heels of the dramatic suspension of its $37 billion stock listing last month, which would have been the world's largest.

It also would be a step back from its ambitions of becoming a global payments leader. Sources told Reuters in October that Ant was cutting its financial support to many of the overseas affiliated e-wallet firms.

The main trigger for Ant to consider the divestment of its stake in Paytm is the worsening diplomatic relations between India and China in the past few months, said the people, who declined to be named as the deliberations are confidential.

Relations between the countries are at a nadir, with troops locked in a border face-off in the western Himalayas for months after a clash in June in which 20 Indian soldiers were killed.

Since the clash, India has tightened rules for investments from China and banned dozens of Chinese mobile apps, including from tech giants Tencent, Alibaba and ByteDance. It banned 43 more apps late last month.

"There is a growing realisation within Ant management that it would not be able to raise its stake in the company," one of the people with direct knowledge said, adding senior managers at Ant have discussed the idea recently.

Even so, Ant was in the middle of an investment review and it could still decide to shelve a divestment if it failed to get the desired valuation, he said.

Two other sources said that as a result of the review Ant could end up retaining a small stake in Paytm.

Competitive intensity

Indian start-ups are heavily funded by Chinese investors such as Alibaba and Tencent. Bankers have previously said they were looking to bolster their presence in the country with an aim to grow their revenue outside China.

Alibaba has invested over $4 billion in India so far and had plans to invest around $5 billion in 2021, which have now been put on hold, one of the sources said.

Alibaba did not respond to a request for comment.

Ant first invested in Paytm in 2015 and owns its 30% stake in the firm via its parent company, One97 Communications, according to Ant's initial public offering prospectus, which described the Indian firm as a major associate.

In addition to the tighter investment rules for Chinese companies in India, tougher competition is likely another factor behind Ant's calculations regarding Paytm, which is losing its dominance, two of the people said.

Online transactions, lending and e-wallet services have been growing rapidly in India, led by a government push to make the country's cash-loving merchants and consumers adopt digital payments.

That has led to the entry and expansion of Facebook-owned WhatsApp, Alphabet Inc's Google Pay, and Walmart's PhonePe. Some domestic players are also expanding operations.

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News Network
November 21,2025

Bantwal: A domestic dispute appears to have led to a violent confrontation in BC Road area, where the owner of a textile shop was allegedly attacked with a knife by his wife on Wednesday evening.

Krishna Kumar Somayaji, the owner of Somayaji Textiles, sustained serious injuries in the incident and was immediately taken to a hospital for treatment. He is currently receiving care in the intensive care unit and is reported to have survived the assault, according to police.

The Bantwal Town police have registered a case against Somayaji's wife, Jyothi KT, who has since been taken into custody.

Police stated that the complainant, Namita, an employee at the shop, reported the sequence of events. She stated that around 7 p.m. on Wednesday, the suspect entered the shop, wearing a burqa and disguised as a customer, before attacking Somayaji with a knife. The employee then transported the injured owner to a local hospital via an autorickshaw.

Superintendent of Police Arun K confirmed that an ongoing domestic dispute between Somayaji and his wife reportedly preceded the attack. Police noted that Jyothi KT had previously visited the shop and issued threats.

Based on the complaint, Bantwal Town police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Indian Arms Act-1959. An investigation into the incident is currently underway.

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News Network
November 27,2025

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Congress president Mallikarjun Kharge on Thursday announced that he will convene a high-level meeting in New Delhi with senior leaders — including Rahul Gandhi, Karnataka Chief Minister Siddaramaiah and Deputy Chief Minister D.K. Shivakumar — to resolve the escalating leadership turmoil in Karnataka and “put an end to the confusion.”

Kharge said the discussions would focus on the way forward for the ruling party, as rumours of a possible leadership change continue to swirl. The speculation has intensified after the Congress government crossed the halfway mark of its five-year term on November 20, reviving talk of an alleged 2023 “power-sharing agreement” between Siddaramaiah and Shivakumar.

“After reaching Delhi, I will call three or four important leaders and hold discussions. Once we talk, we will decide how to move ahead and end this confusion,” Kharge told reporters in Bengaluru, according to PTI.

When asked specifically about calling Siddaramaiah and Shivakumar to Delhi, he responded: “Certainly, we should call them. We will discuss with them and settle the issue.”

He confirmed that Rahul Gandhi, the Chief Minister, the Deputy Chief Minister and other senior members would be part of the deliberations. “After discussing with everyone, a decision will be made,” he said.

Meanwhile, Siddaramaiah held a separate strategy meeting at his Bengaluru residence with ministers and leaders seen as his close confidants, including G. Parameshwara, Satish Jarkiholi, H.C. Mahadevappa, K. Venkatesh and K.N. Rajanna.
Signalling calm, the Chief Minister told reporters, “Will go to Delhi if the high command calls.”

Shivakumar echoed a similar stance, saying he too would head to the national capital if summoned by the party leadership.

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News Network
November 30,2025

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Mangaluru, Nov 30: A 22-year-old college student succumbed to her injuries at a private hospital in Mangaluru today, days after she was hit by a goods tempo while crossing a road in Padubidri.

The deceased has been identified as Preksha, a resident of Nadsalu Billitota in Padubidri. The fatal incident occurred as Preksha, who was returning home after completing her examination, attempted to cross the service road towards Mangaluru. She was struck by a goods tempo approaching from the Udupi side, causing her to fall and sustain a severe head injury.

Prompt action from local residents ensured she received immediate first aid before being rushed to a hospital in Mangaluru for specialised treatment. Despite medical efforts, she passed away while undergoing care.

Preksha was a student at Karavali College, Vamanjoor on the outskirts of Mangaluru city. The tragedy is compounded by the fact that she belonged to a financially vulnerable family, having previously lost her father. She is survived by her mother and brother.

A case related to the accident has been registered at the Padubidri police station, and an investigation is underway to determine the exact circumstances that led to the collision. The incident highlights the growing concerns over road safety, particularly on busy service roads, and serves as a tragic reminder of the human cost of traffic accidents.

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