Alibaba is backing away from plans to invest in Indian e-commerce company Snapdeal.
The Chinese e-commerce giant had been in talks with Snapdeal over a possible cash investment. According to a Re/code source, the deal on the table was nowhere near the $1 billion number previously reported, and Alibaba has backed off from any investment right now.
Neither company’s representatives were available for comment.
The deal would have been Alibaba’s first investment in India. Last month the company’s financial affiliate Ant Financial took a 25 per cent stake in One97, the company behind Indian mobile wallet Paytm.
Snapdeal has raised more than $1 billion for its online marketplace, as has direct rival Flipkart. eBay invested in Snapdeal a year ago, and Japan’s SoftBank, Alibaba’s largest shareholder, committed more than $600 million to Snapdeal in October.
Amazon launched an online store in India in 2013, and has announced plans to invest another $2 million in the company.
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