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China tech

Alibaba exits India's Paytm app with $166m sale

China tech company completes serial offloading of shares in payment platform

China's Alibaba Group Holding has unloaded its remaining stake in Indian digital payment platform Paytm.   © Reuters

SHANGHAI -- Alibaba Group Holding has sold off its remaining stake in Indian digital payment platform Paytm, a move that hints at a shakeup of the Chinese tech giant's investment strategy in India.

An Alibaba unit in Singapore offloaded 21.43 million shares in Paytm's operator One97 Communications, India's National Stock Exchange reports. The transaction is worth 13.7 billion rupees ($166 million) as each share was priced at 642.74 rupees.

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