AGTech Media forms a JV with PayTM for developing mobile games for Indian customers

AGTech Media, a Hong Kong-based gaming startup, has formed a joint venture with Paytm, run by One97 Communications Ltd, for developing mobile games for domestic customers. AGTech Media is a wholly-owned subsidiary of AGTech Holdings, which is owned by Alibaba Group company Ali Fortune Investment Holding Ltd. It is an integrated lottery technology and services company in China and the exclusive platform of Alibaba Group and Ant Financial Group for lottery. Alibaba, also an investor in PayTM, is looking for avenues to invest in the fastest growing ecommerce and online market in the world.

The JV will be engaged in the development and operation of various platforms, including website, mobile applications or other distribution channel to develop and publish a variety of products. PayTM will have 55% stake in the JV. The Chinese firm further added that “The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India”.