AGTech media, in which Alibaba holds a stake is collaborating with mobile wallet company Paytm to set a gaming company in India where Paytm holds a 55% and AGTech Media holds a 45% share.
The Joint Venture
AGTech Media and Paytm Group will together invest $16 million in the venture. The company’s board is going to have five directors, three from Paytm and two from AGTech Media. It will offer mobile games and other activities to Indian consumers by using the AGTech Media Group’s experience in creating mobile applications and Paytm’s distribution network.
What the executives have to say over the venture
“This will help Paytm drive deeper consumer engagement as customers can now earn exclusive rewards and discounts on the platform,” said an AGTech official. He also stated “The Group believes that international markets represent an untapped and enormous opportunity, and this joint venture is a significant breakthrough which lays the foundation for further international expansion in the future. As the leading mobile payment platform in India, Paytm is the ideal local partner for this key collaboration”.