Photo/Zhang Jian (NBD) 

Feb.16 (NBD) -- Alibaba is reportedly "escaping" from India.

According to Indian media reports, Alibaba Group has sold all its shares in the Indian financial services platform Paytm through bulk transactions, involving an amount of about 13.6 billion rupees (about 1.124 billion yuan).

Paytm, known as India's "Alipay", was founded in 2010 and is India's largest payment platform, with more than 300 million registered users (equivalent to half of India's Internet users) and more than 20 million merchants.

It is noticed that Blackrock and Berkshire Hathaway are among the cornerstone investors. However, the capital market was not bullish on India's "Alipay", and its stock price has plummeted by 68.6% since its listing.

Since 2021, Alibaba Group has sold several investment projects in India, including Zomato, an Indian food delivery company, and BigBasket, a fresh grocery e-commerce company.

Paytm's business logic is completely opposite to that of Taobao and Alipay, which leads to a very narrow path of profitability for India's "Alipay". 

With the implementation of the UPI system by the Indian central bank, the competition in India's online payment industry has intensified significantly, and international giants are frantically eating awayPaytm's market share.

The ever-tightening regulation is another reseason behind of the leaving of Alibaba, said Bloomberg.

In response to this sudden "clearance" sale, Alibaba has not given a clear response.