China’s Alibaba won’t invest in Indian startups for at least six months, report says

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Chinese internet giant Alibaba Group has put on hold plans to invest in Indian startups amid geo-political tensions between the two countries, Reuters reported Wednesday, citing two unnamed sources.

The Chinese group, which has invested more than $2 billion in Indian startups since 2015, plans to freeze new investments in Indian startups for at least six months, the report said.

Alibaba Group, and its affiliate Ant, are major investors in a handful of unicorns in India including Paytm, the most valued Indian startup in which it owns about 30% stake, food delivery startup Zomato, grocery delivery startup BigBasket, and e-commerce firm Snapdeal.

More to follow…

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