Alibaba
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.
Posted by : Gizmeon
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