Online lottery firm in JV with Indian payments provider

Indian media reports Monday indicate that Hong Kong Stock Exchange-listed online lottery firm AGTech Media, in which Alibaba Group holds a controlling stake, has entered into a joint venture with mobile wallet and payments firm Paytm to set up a gaming company in India.

Paytm will hold 55 percent in the new joint venture while AGTech group will own 45 percent. The two companies have committed to invest a total of $16 million in the venture.

Paytm boasts 225 million registered users, and representatives say that the JV will help drive engagement through mobile games and user promotional and engagement activity designed to appeal to Indian customers.

In a stock exchange filing AGTech advised:

“The new company will develop various platforms including website and mobile applications. This will help Paytm drive deeper consumer engagement as customers can now earn exclusive rewards and discounts on the platform.”

Recently the publication Venturebeat reported that Asian mobile revenues in Q2-2017 have surged 32 percent year-on-year (see previous report).