Amid the unresolved border tension between India and China, Chinese fintech giant Ant Group is looking to sell its 30% stake in digital payment app Paytm, reported Reuters on Tuesday.
The speculation, however, was denied by both Ant Group and Paytm, added the report. “There has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake,” a Paytm spokesman was quoted saying in the report.
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Paytm, which is also backed by SoftBank Group Corp among others, was valued at about $16 billion during its latest private fundraising round a year ago. At that valuation, Ant’s stake in the Indian firm is worth about $4.8 billion.
Ant’s possible exit from Paytm would mark another reversal for the Chinese company which suspended its $37 billion stock listing last month, which would have been the world’s largest.
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