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29 September 2015

Alibaba pays $680m to boost One97 stake to 40%

One97, also backed by Intel, has now raised almost $1bn, and Alibaba and financial services affiliate Ant Financial hold a combined 40% share.

Author: Robert Lavine, News Editor

E-commerce group Alibaba and its affiliate Ant Financial have invested about $680m in India-based online payment technology provider One97 Communications and will jointly hold a 40% stake, the Economic Times reported today.