Alibaba Group Holding has sold off its remaining stake in Indian digital payment platform Paytm, a move that hints at a shakeup of the Chinese tech giant’s investment strategy in India.
An Alibaba unit in Singapore offloaded 21.43 million shares in Paytm’s operator One97 Communications, India’s National Stock Exchange reports. The transaction is worth 13.7 billion rupees (USD 166 million) as each share was priced at 642.74 rupees.
This sell-off, revealed in a notice dated Friday, follows Alibaba’s disposal of 19.2 million Paytm shares on Jan. 12. Last year, Alibaba pulled its ownership in Paytm’s online shopping app, Paytm Mall.
Alibaba owned about 6% of One97 Communications at the end of December. Ant Group, Alibaba’s fintech affiliate, holds an approximately 25% stake in Paytm and remains a major shareholder.