June 8: Ratan Tata-backed RNT Capital Advisors has decided to make an investment of $150 million in Ant Finance Services, an affiliate of Chinese ecommerce giant Alibaba. The investment was made in a Series C funding, which fetched over $14 Bn to Ant Finance Services.
The $150 mn valuation will fetch RNT a stake of around 0.1%, with the total valuation of Ant Financial standing at around $150 billion. The valuation is a significant jump for the company, which was valued at $60 billion during the previous funding round in 2016.
As for UC-RNT, the proposed investment will be its first known funding outside India. RNT Associates is although involved in a personal investment made by Ratan Tata in Xiaomi during 2015. UC-RNT Fund had earlier made investments in various other companies, of which the noted one is that of in Ola. UC-RNT made an investment of $100 million in Ola during the funding round in April last year. Other investments of UC-RNT include Mswipe, health startup Curefit, Cardekho, Axio Biolsolutions etc.
Ant Financial Services is known for the digital payments brand called Alipay, which deals with mobile payments worth $2.4 trillion every three months. The digital payment product has around 870 million customers under its service. The funds raised will be used to accelerate the globalisation plans of Alipay and also for developing technologies that would help to offer various inclusive financial services to customers around the world.
The mega financing round attracted participation from various companies including Singapore-based GIC and Temasek, Malaysian-based Khazanah Nasional Berhad, Warbug Pincus, Canada Pension Plan Investment Board, Silver Lake and General Atlantic.