BENGALURU: One97 Communications , the company which owns and operates Paytm , a mobile marketplace and digital wallet, has incorporated a separate entity for its online retail business , according to regulatory filings, in a possible prelude to a direct India presence for China's Alibaba.Paytm E-commerce Private Limited was set up on August 16, filings made with the Registrar of Companies on Monday, show. Vijay Shekhar Sharma , the founder and managing director of One97 Communications, has also incorporated Paytm Payments Bank Limited as a separate entity.ET had reported earlier that Paytm will spin off its marketplace to allow China's Alibaba Group, an investor in One97, a direct presence in India.The new companies share a common address with One97's Delhi office. Chinese internet giant Alibaba and its affiliate Ant Financial are the largest stakeholders, at 40%, having invested $680 million in One97.ETreported that Paytm was in talks with Alibaba for additional capital infusion in its marketplace. The document of incorporation indicates that Paytm E-commerce will provide all services related to online marketplaces and cross-border commerce.

Source: Economic Times August 23, 2016 23:26 UTC