Date
19 November 2017
A potential investment in Snapdeal will help Alibaba expand its footprint in India. Photo: Bloomberg
A potential investment in Snapdeal will help Alibaba expand its footprint in India. Photo: Bloomberg

Alibaba said to be in talks to invest in India’s Snapdeal

Alibaba Group is in discussions for a potential investment in Indian online marketplace Snapdeal, the Wall Street Journal reported, citing people familiar with the matter.

A deal will help the Chinese e-commerce giant expand its foothold in India after an affiliate earlier acquired a 26 percent stake in Indian online payment business, the report noted. 

Snapdeal, which is owned by Jasper Infotech Pvt. Ltd., is in the process of raising funds and is in discussions with several other investors. 

Last year the Indian e-commerce player received close to US$1 billion in investment from eBay, SoftBank and others.

Alibaba’s talks with Snapdeal come as India’s e-commerce market is expanding rapidly as more consumers in the country go online to shop for clothes, accessories, books and electronics.

According to Morgan Stanley, the Indian e-commerce market will be worth US$100 billion by 2020, compared to US$3 billion in 2013.

 

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RC

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