One97 Communications, which is backed by Alibaba and Intel, plans to raise the funding to support the spinning out of its Paytm subsidiary.

India-based e-commerce and payment company One97 Communications is seeking up to $400m in funding in the first half of this year, TechCrunch reported yesterday, citing sources close to the company.

Founded in 2000, One97 oversees a range of online services as well as a corporate venturing unit called One97 Mobility Fund, but is best known for Paytm, the online payment platform it incubated and launched in 2010.

The company, which counts e-commerce group Alibaba among its investors, will use the…