Online Payment wallet and transaction platform Paytm is at the receiving end of the anger on social media. No, it has not done anything wrong but it is the ‘boycott Chinese products’ anger that it is attracting. Yes, you read it right it’s the anger against China that is fueling the call for Paytm’s boycott.
After China’s misadventure on LAC, the citizens want no Chinese products to be there in Indian markets. Protest and boycott of such products have been organized across the country. Amidst this, there is anger for companies that have Chinese or China-based investors.
Paytm (fortunately or unfortunately) is one such company that has Chinese investment. The Alibaba Group of China has invested handsomely in the Paytm. Paytm’s website says that its investors include “Softbank, SAIF Partners, Alibaba Group, and Ant Financial. Ant Financial Services Group, an affiliate company of the Chinese Alibaba Group, holds a 29.71% share in the company.
Since China is one of the biggest financiers for start-ups in India Paytm is not the only company to have its investment. Names like Bigbasket, Zomato, Ola, and Byju’s are also on the list. Though this kind of protest makes no real sense it would not be shocking if protest starts against these companies as well.