Ant Financial Services, through its affiliate Zhejiang Ant Small and Micro Financial Services to acquire 20% stake in One97 Communications.

Ant Financial Services, China’s leading online financial services company through its affiliate Zhejiang Ant Small and Micro Financial Services to acquire 20% stake in One97 Communications, which runs Paytm, India’s largest mobile payment and commerce platform. Financial terms were not disclosed. Ant Financial and Paytm will build on synergies in the mobile wallet front in order to offer Indian consumers comprehensive product and services and to tap the significant potential of the India mobile payment market. “The strategic partnership with Ant Financial Services Group gives us immense pride. Ant Financial believes in the power of technology and supports great teams with innovative ideas across different markets, and will help us greatly enhance our customer proposition. We are pleased to partner with Ant Financial in India. I believe that together, we will change the landscape of mobile payments and commerce in our country,” Vijay Shekhar Sharma, One97 and Paytm Founder & CEO.