Paytm founder Vijay Shekhar Sharma has made a statement on India banning 59 Chinese apps including popular ones like TikTok, UC Brower, WeChat, Shareit, others saying the move by the Government of India is in the national interest.
Paytm which is run by Indian company One97 Communications Ltd — a leading mobile internet company — has investments by Chinese companies. India’s one of the most popular digital payment services and e-commerce app Paytm has major investments from Chinese companies such as Alibaba and Ant Financial.
However, giving his reaction on the government banning Chinese apps, Vijay Shekhar Sharma it is a “bold step in the national interest.”
Taking it to Twitter, Paytm boss Vijay Shekhar Sharma wrote, “Bold step in the national interest.
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.