Alibaba Group announced its first formal joint venture with mobile wallet firm Paytm, to launch an online gaming company; good news for poker in India.
The latter would possess 55 per cent stake while the rest would be Alibaba’s Hong Kong-based company, AGTech Media. Until now, Alibaba has invested in Paytm to the billion dollars.
Alibaba Group labelled it the ‘first significant strategic international expansion’. With a primary investment of $8.8 million, Paytm has ventured into the online gaming with AGTech Media. It is believed that the Hong Kong-based company would be investing a reported sum of $7.2 mn.
"The (Alibaba) Group believes this JV company will enable it to tap into the significant potential of the fast growing mobile entertainment market in the world’s second most populous country. Through this JV, the Group plans to create a high quality mobile entertainment experience for Paytm’s 225 million users in the India market,” reported from the Hong Kong stock exchange.
The filing says the joint venture would develop and run platforms for users to play in various games. Sources stated that Paytm Group will be based out of India and all development of online gaming platforms would be done here.
While the Hong Kong-based firm would bring technical expertise and a decade's worth of experience in creating mobile entertainment products, Paytm Group would utilize the e-commerce company’s wide distribution network.
“The JV company shall be engaged in the development and operation of various platforms, including website, mobile applications or other distribution channel, to develop and publish a variety of products for Indian customers such as mobile games and other user engagement activities in India,” the filing added.
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