Reliance Capital, Sapphire Ventures and Saama Capital have reportedly exited One97 Communications, selling a combined 4.3% stake to e-commerce firm Alibaba.
E-commerce group Alibaba has bought shares in India-based e-commerce and mobile finance company One97 Communications worth about 4.3% through a secondary offering at a $5.7bn to $5.9bn valuation, Livemint reported today.
The shares were acquired from Reliance Capital, an investment subsidiary of conglomerate Reliance Industries; Sapphire Ventures, the venture capital firm spun out of enterprise software producer SAP; and VC fund Saama Capital. All three divested all of their shares, for a total of roughly $250m.
One97 Communications operates a…
