Vijay Shekhar Sharma founded PayTm and China based digital gaming firm AGTech have formed a joint venture (JV) to launch a mobile-first gaming platform called Gamepind. The gaming platform would offer a host of popular and exciting social and casual games.
Through Gamepind, available both through the Paytm app and as an independent app, the company aims to tap into the significant potential of the fast-growing mobile entertainment market in the country. Gamepind complements the Paytm ecosystem by enhancing its customer experience through a rich portfolio of games and entertainment content including casual games, contests and sports games, combined with a unique and engaging shopping experience. In addition, by offering many attractive products, Gamepind is the ideal marketing and promotional platform for merchants to engage with consumers in a truly differentiated way.
India’s entertainment industry is on the cusp of a robust growth phase driven by increasing mobile internet usage over the last decade, with the internet fast becoming a mainstream media for entertainment for many of its 1.3 billion population. The launch of this unique mobile entertainment product signals AGTech’s first major international initiative expanding its footprint in the Indian subcontinent since becoming a member of the Alibaba Group. The joint venture will also broaden Paytm’s offerings by integrating an additional dimension of entertainment and driving deeper consumer engagement. AGTech has a 45% stake in the joint venture while Paytm owns a 55% stake.
John Sun, Chairman and Chief Executive of AGTech said: “We are excited to partner with Paytm to localize this unique platform for its 300 million and growing registered customer base by combining Paytm’s local resources and our expertise in mobile games and other user engagement activities. A member of Alibaba Group and Ant Financial Group, we have been active in looking for international expansion opportunities capitalizing on the vibrant ecosystems of Alibaba Group and Ant Financial Group. As AGTech’s first strategic international expansion, this joint venture lays the foundation for future collaborations as the company continues to globalize its business by strategically working with leading local partners in overseas markets.”
Vijay Shekhar Sharma, Founder and CEO of Paytm said: “India’s young consumers are experimenting and discovering more entertainment options on mobile. Mobile game is therefore growing in the country and becoming big with mobile users. We are happy to partner with AGTech to build an incredible mobile game and entertainment destination. AGTech’s expertise and experience in global mobile game market will help us accelerate our plans in game and entertainment business and bring exciting content to our users.”