Chinese multinational Alibaba has sold its entire stake of 3.4 per cent equity in Paytm. 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 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.
Since it announced operating profitability in its Q3FY23 results with EBITDA before ESOP cost at £3.1 million, the fintech giant's shares have been rallying in the last few days. Paytm's revenue from operations increased to £206.2 million, 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.