Paytm parent One97 Communications has partnered with Alibaba to launch its artificial intelligence (AI) cloud computing platform Paytm AI Cloud for developers, start-ups, and enterprise.
Paytm AI Cloud will offer a suite of business-centric applications including ready-to-use services that will allow businesses to automate their workflow, integrate payments, and provide messaging, customer engagement tools. The company said that its cloud will process and store all consumer data locally, in servers located only in India.
The platform has also built various solutions that include ‘easy-to-access’ computing services, pattern recognition tech, pre-trained models, and predictive computation to businesses, the company said. Reports claim that the company has earmarked Rs 250 crore for this vertical.
It will be interesting to see how the homegrown company’s foray into the cloud computing business pans out in the coming months. Paytm may gain an upper hand if it leverages the cloud computing business of its key investor Alibaba. The Chinese tech giant opened its first India data centre in Mumbai this January.
Paytm also announced that it will soon offer enterprise-messaging solution in partnership with DingTalk to facilitate conversations across email, chat, call or audio-video conference. We reported in January that the Alibaba backed service could make its way to India.
Paytm’s recent moves
- Earlier this month, Paytm acquired Bengaluru based smart-savings management startup ‘Balance.Tech’ for an undisclosed sum to possibly launch a new mutual funds platform dubbed Paytm Money.
- In July, the company announced the launch a new digital payments service in Japan in collaboration with SoftBank, after Canada, where the company has a bill payments application.
- In the same month, Paytm launched a Forex service, for currency exchange of 20 top international currencies on its platform. The development came shortly after the company announced that it had achieved an annual run rate of 5 billion transactions and $50 billion in Gross Transaction Value (GTV). Last month, Paytm Mall raised $200 million from SoftBank in a new round of funding.
- In June, One97 Communications Ltd acquired Delhi-based technology startup Cube26 for an undisclosed amount.