Info-tech

‘Alibaba leaning away from plans to invest in Snapdeal’

Reuters Mar 18 | Updated on January 24, 2018 Published on March 18, 2015

People walk at the headquarters of Alibaba in Hangzhou, Zhejiang province, in this April 23, 2014 file photo. Chinese e-commerce company Alibaba Group Holding Ltd said its expects to price its initial public offering at between $60 and $66 per American Depository share, September 5, 2014. REUTERS/Chance Chan (CHINA - Tags: BUSINESS) CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA   -  Reuters

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Alibaba Group Holdings Ltd may scrap plans to invest in Indian online marketplace Snapdeal, technology website Recode reported, citing a person who was familiar with the matter.

Last week, a person informed about the deal had told Reuters that Alibaba was in talks with Snapdeal over a potential cash investment in what could have been the Chinese e-commerce giant's first direct investment in India.

Alibaba has held discussions with Snapdeal about a possible investment, but the Chinese company is leaning away from investing in Snapdeal right now, Recode said.

Snapdeal competes in India with bigger rivals Flipkart.com and Amazon.com, and media reports had said it was seeking $1 billion in its latest funding round to fuel growth.

Alibaba and Snapdeal's talks, however, did not involve a deal close to the $1 billion number reported, Recode cited the source as saying.

Representatives for Alibaba and Snapdeal could not be reached for a comment.

Published on March 18, 2015
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