China’s Alibaba Group Holding is not buying Indian e-commerce company Snapdeal and is not in talks to do so, a person familiar with the matter said on Thursday, dampening talk that an acquisition was in the works.
Rumour rumour on the wall, which troll did you call
You said sold, they said bought, but whoever listened to you didn't get diddly squat.
— Kunal Bahl (@1kunalbahl) December 1, 2016
Hangzhou, China-based Alibaba was also in talks with Flipkart for a potential buyout but it seems like the talks have fallen through as Alibaba takes an interest in acquiring Snapdeal, which has raised over $1.76 billion in 12 funding rounds.
Alibaba had already invested in India’s leading online payment platform Paytm in September 2015, also acquired 40% stake. A strategy likely to work well under India’s newly implemented demonetization policy.