HEADLINE Alibaba to invest $1.7 billion in India

HEADLINE

Alibaba to invest $1.7 billion in India

By Yuan Jirong | People's Daily app

14:03, January 29, 2018

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Chairman of Alibaba Group Holding Ltd. Jack Ma speaks during the India-China Business Cooperation Conference in New Delhi, India, on Wednesday, Nov. 26, 2014. (File Photo: VCG)

Alibaba Group Holdings, China's online commerce giant, is in talks to invest $100 million in Indian logistics company XpressBees which would raise its total investments in India to over $ 1.7 billion, India's The Economic Times reported.

According to informed sources, discussions have been ongoing for about 18 months and are expected to be completed in the next three weeks. XpressBees is an online logistics retailer, mainly focused on baby and maternity products. And it will be Alibaba's sixth investment in India.

Alibaba's Indian investments include $1 billion in Paytm, $175 million in Paytm Mall, $150 million in Snapdeal, $300 million in BigBasket and $30 million in TicketNew. At the same time, Ant Financial is reportedly in talks to invest $200 million in restaurant discovery and food delivery platform Zomato.

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