As Part Of The JV, Paytm Will Hold 55% Of The Company Shares While The Rest 45% Will Be Owned By AGTech Holding
In addition to travel and movie booking solutions, Paytm will now offer gaming solutions on its payment gateway app.
The digital payment solutions company Paytm has partnered with Hong Kong-based gaming and entertainment giant AGTech Holdings to launch Gamepind, a mobile gaming platform with social and casual games.
Commenting on the JV, Paytm founder and CEO Vijay Shekhar Sharma stated, “India’s young consumers are experimenting and discovering more entertainment options on the mobile. Gaming is, therefore, growing in the country and becoming big with mobile users. AGTech’s expertise and experience in global gaming market will help us accelerate our plans in gaming and bring exciting content to our users.”
With an initial authorised share capital of $6 Mn, the joint venture will see further investments of $8.8 Mn and $7.2 Mn investments from Paytm and AGTech Media respectively.
As reported by Inc42, Alibaba Group-backed Paytm had announced to form a JV with Hong Kong’s media and entertainment firm AGTech Media in July, last year.
AGTech Media is a wholly-owned subsidiary of AGTech Holdings, a China-based integrated lottery technology, and services company. It is owned by Alibaba Group company, Ali Fortune Investment Holding Ltd. The Alibaba Group is also a major investor in Paytm.
As part of the JV, Paytm will hold 55% of the shares while the rest 45% by AGTech Holding, according to an announcement by AGTech.
Commenting on their first significant international expansion, John Sun, Chairman of AGTech said, “We are excited to partner with Paytm to localize this unique platform for its 300 Mn and growing registered customer base by combining Paytm’s local resources and our expertise in gaming and other user engagement activities. A member of Alibaba Group and Ant Financial Group, we have been active in looking for international expansion opportunities capitalising on the vibrant ecosystems of Alibaba Group and Ant Financial Group.”
Gamepind will be available on Paytm app as well as independently too. The JV will be engaged in the development and operation of various platforms including website, mobile applications or other distribution channels to build and publish a variety of products for Indian customers such as mobile games and other user engagement activities. This will, in turn, help Paytm Group drive deeper consumer engagement as Indian customers can earn exclusive rewards and discounts on the platform, the company said in the official statement.
Turned Decacorn in a very short span of its journey, Paytm keeps evolving its design thinking, infusing some unique as well as general offerings on its platform. Besides Gamepind, the digital payment solution provider has recently tied up with Beijing-based bike rental service Ofo to offer bicycle sharing solutions in India.