Alibaba-backed UCWeb denies rumours of acquisition by Paytm

Alibaba Group owned Internet company UCWeb, which runs web browser UC Browser, in a statement, denied discussions with Paytm for an acquisition of UCWeb’s India business.

Earlier on Friday, news broke that Indian digital payments giant Paytm is reportedly in talks to acquire the India business of the Alibaba-owned Chinese mobile internet company.

Denying these rumours, UCWeb stated,

“As an important part of Alibaba global economy, UCWeb is committed to our globalisation strategy and India is our biggest and most important growth market. We have been present in India for seven years with 130 million monthly active users and have a long-term commitment to the country. UCWeb will continue to actively co-operate with partners bringing better service and content to Indian users.”

At present, UC Browser is available in 10 local Indian languages. According to various reports, UC Browser is one of the largest mobile browsers in the country with more than 51 percent market share. It overthrew Google Chrome last year to take on the prime spot.

Apart from its home market China, UC Browser has a strong presence in Vietnam, Indonesia, and Russia.