PayTM has had a a dream run after the demonetization declaration by the government. It has been the front runner among all mobile wallet companies were the uncontested leaders when it came to promotions during the cash-crunch.
In this overdrive of ptomotions, Paytm has positioned itself as a supporter of the government’s decision and they have even used the photograph of the Indian Prime Minister Mr. Naredra Modi opening themselves up to some amount of criticism. One of the points of criticism is that their investors are Chinese. Alibaba Group and its affiliate Ant Financials invested $680 million into Paytm’s parent One97 Communications last year. Which means they now own over 40%of the Indian company.
There are also some reports that the Chinese giant is looking to raise it’s holding in Paytm to 70%.
Vijay Shekhar, the founder of Paytm has been quick to defend his company.
We are as Indian as Maruti is…we are ‘India story’ in every sense whatsoever.
– Vijay Shekhar, Paytm
Maruti, widely loved as an Indian brand that was once controlled by the Indian government is now majority owned by Japanese car manufacturing company Suzuki Motor Corp with a 56.21 per cent stake as its sole promoter.The change in ownership however did not change the image of the brand as an “Indian” brand. Maruti continues to be the leading car seller in the country.
What matters to us is our customers, what matters to us is the law of land, regulator, said Sharma.
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