Paytm founder Vijay Shekhar Sharma said on June 30 that the government’s ban on 59 Chinese apps was a bold move, which was in the national interest.
Paytm, run by One97 Communications, counts China’s Alibaba and Ant Financial as major investors.
“Bold step in the national interest. A step towards Atmanirbhar (self reliant) App ecosystem. Time for the best Indian entrepreneurs to come forward and build the best by Indians, for Indians,” he tweeted.
Alibaba and its affiliate entities own over 25 percent in One97 Communications, including Paytm Mall, Paytm Money and it’s other units.
Sharma’s statement is also a far cry from previous years when he touted Alibaba and his relationship with its co-founder Jack Ma as his biggest strengths. Paraphrasing a popular Hindi movie line, he said in 2015, “Mere pass ma hai… Jack Ma”
However, large Chinese investors such as Alibaba hold stakes worth billions in many startups and not just Paytm.
Alibaba itself is an investor in online grocer BigBasket, ecommerce firm Snapdeal, food delivery firm Zomato and logistics firm Xpressbees.
Chinese investors are deeply entrenched in the Indian startup ecosystem.
Virtually every unicorn, from Swiggy to Byju to Ola, has a sizable Chinese backing.
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