Paytm in talks to take over Alibaba-backed UCWeb’s Indian arm

Indian digital payments giant Paytm is reportedly in talks to acquire the India business of Alibaba-owned Chinese mobile internet company, UCWeb, said a Times of India report.

The media report also added that the transaction could be valued anywhere between $400 million and $500 million.

With Paytm’s Chief Financial Officer Madhur Deora leading the discussions, this acquisition might help the company leverage UC Browser's product offerings across its 130 million active user base.

Available in 10 local Indian languages, the browser also aligns with Paytm’s strategy of reaching out to more customers across the country.

Reports also claimed that the web browser, which overtook Google Chrome to become the most popular browser in the country, has been in talks with mobile phone manufacturers for some time for an acquisition deal.

On reaching out, Paytm refused to comment. However, a source inside the company confirmed that a meeting between Paytm and UCWeb did take place.

Apart from India, UCWeb also has a strong presence in Vietnam, Indonesia and Russia.

In the last week of September, One97 Communications, the parent company of Paytm, announced it had closed a $300 million fundraise from Warren Buffett’s Berkshire Hathaway. The company claims to have a total merchant base of 9 million users, and close to 280 million users at present.