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Alibaba halts investment in Indian startups: Report

Aug 27, 2020 14:26 IST

Chinese giant Alibaba Group has put on hold plans to invest in Indian startups amid geo-political tensions between the two countries, Reuters reported 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, adding Alibaba does not intend to reduce its stakes in existing portfolio firms. 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.