Jack Ma co-founded Alibaba in 1999 that became one of the world's biggest internet firms.
Ma stepped down Tuesday as part of a succession announced a year earlier.
UCWeb also have plans to start the sale of movie tickets online.
Paytm currently has a monthly active user base of around 140 million.
MSME Minister Nitin Gadkari said that it will generate a turnover of Rs 10 lakh crore in two years of its launch.
All 25 components on STAR Market were driven sharply higher in a hearty initial endorsement.
PM Modi's dream of making India a USD 5 trillion economy can only be fulfilled by ensuring the growth of MSME sector.
The 54-year-old Ma was speaking at a mass wedding organised by his company.
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