Chinese firms are investing billions of dollars in India's e-commerce market. One of the biggest deals has involved Paytm, India's most valuable unicorn.
Illustration by Aaron Sacco
It was New Year’s Eve, and Vijay Shekhar Sharma was out of breath. Standing on a stage in front of his employees, the chief executive of digital payment startup Paytm was screaming into a microphone and jumping up and down as red and yellow lights flashed around him.
“We ripped 2016,” Sharma said, almost falling over as the audience whooped and hollered. “2017 will be ours. How won’t it?!”
Just seven weeks earlier, India’s Prime Minister, Narendra Modi, had announ
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