Global tech giants are heading for a proxy war in India. Alibaba is leading a USD 200 million investment into Paytm marketplace, creating a new Indian unicorn. It confirms the intention of the Chinese behemoth to take on Amazon, which is aggressively ramping up, investing USD 5 billion into its local operation as other homegrown rivals fail. Only one of the tech big boys will emerge victoriously. The USD 255 billion Chinese group and Paytm have already invested together to build a dominant mobile wallet payment business, now worth around USD 5 billion. Their smaller e-commerce unit is now being separated out to meet Indian regulations.
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