Alibaba is setting up an office at Bandra-Kurla Complex (BKC) in Mumbai, Business Standard reports, cited by vccircle.com. Alibaba Group, along with its financial-services arm Ant Financial, has invested a significant amount of capital in One97 Communications Pvt Ltd, the company that also runs mobile payment and commerce platform Paytm.
Alibaba owns some ecommerce properties in China and is the largest online and mobile commerce company in the world in terms of gross merchandise value (GMV), the source cites. Ant Financial runs Alipay, a mobile payments wallet like Paytm.
In India, Alibaba also holds a minority stake in another ecommerce company, Snapdeal. Alibaba had shared its plans to enter India earlier in 2016 when it said the company is looking at opportunities to build the business organically or through other means.
The ecommerce market in India is largely ruled by local merchant Flipkart and US-based Amazon Inc besides a number of other players such as Snapdeal, Paytm and Shopclues.
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