E-payment major Paytm and Chinese multinational conglomerate Alibaba Group-owned AGTech Holdings Ltd have formed a joint venture to launch Gamepind – an innovative mobile platform that offers a host of popular social and casual games.
The gaming platform, which also includes an exclusive rewards programme, will be available as a standalone application and in the Paytm app.
In a statement released on Monday, Paytm claimed that Gamepind will enhance its customer experience through a vast variety of games and entertainment content – including casual games, contests and sports games, combined with an engaging shopping experience.
Furthermore, Gamepind will also offer cash coupons and products, which is expected to work as a marketing and promotional platform for merchants to engage with mobile shoppers and gamers.
“India’s young consumers are experimenting and discovering more entertainment options on the mobile. Gaming is therefore growing in the country and becoming big with mobile users. We are happy to partner with AGTech to build an incredible gaming destination. AGTech’s expertise and experience in global gaming market will help us accelerate our plans in gaming and bring exciting content to our users,” said Paytm co-founder and Chief Executive Officer Vijay Shekhar Sharma in the statement released on Monday.
Alibaba’s AGTech Holdings currently holds 45% in the joint venture, which was originally signed in July 2017, and Paytm owns the rest. While signing the agreement in 2017, Paytm’s parent company One97 Communications invested $8.8 million for its 55% stake in the venture and AGTech holdings ploughed in $7.2 million for the rest.
AGTech chairman John Sub said in a statement, “We are excited to partner with Paytm to localize this unique platform for its 300 million and growing registered customer base by combining Paytm’s local resources and our expertise in gaming and other user engagement activities. A member of Alibaba Group and Ant Financial Group, we have been active in looking for international expansion opportunities capitalizing on the vibrant ecosystems of Alibaba Group and Ant Financial Group.”