Alibaba is one of the investors in the Snapdeal.
Rubbishing the rumors circulating about Indian e-commerce giant Snapdeal being bought by Chinese major Alibaba, Kunal Bahl the co-founder and CEO of the Indian e-commerce platform said there have been no discussions in this front.
A few reports appeared on Thursday saying that the Chinese e-commerce major is all set to acquire Snapdeal for a whopping $2 billion in what they described as a major step of Alibaba to enter the Indian market.
Considering the fact that Alibaba is one of the investors in the Snapdeal along with Foxconn and SoftBank, tech world thought such a deal was not out an improbability.
Alibaba has also invested heavily in PayTM with the company owning more than 40% of the stake and has been working closely with the Mobile Wallet firm to establish a direct presence in India.
Earlier this year, Alibaba was reportedly setting up a team for its India operations, which it planned to operate from Bengaluru. It also hired Bharathi Balakrishnan, the former Chief Business Officer of LocalOye as its first employee until June.
During September Alibaba hired former McKinsey and Goldman Sachs executive Madhur Deep as senior vice president. Deep is expected to lead the company’s business strategy including market entry, investments, and partnerships for both B2B and consumer-facing ecommerce businesses of Alibaba Group in India.
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