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Chinese Alibaba eyes India foray
Chinese Alibaba Eyes India Foray. Alibaba founder Jack Ma, China\'s wealthiest man, on Wednesday announced that he is keen to invest more funds in India and will work with Indian technology entrepreneurs as he believes Internet can transform the country\'s future.
Its founder Ma plans to invest and commits to help start-ups
Jack Ma is likely to meet a number of local businesses to possibly get more Indian products on Alibaba as well as look at expanding into India's e-commerce market, possibly through Snapdeal
New Delhi: Alibaba founder Jack Ma, China's wealthiest man, on Wednesday announced that he is keen to invest more funds in India and will work with Indian technology entrepreneurs as he believes Internet can transform the country's future.
On his first visit to India, the founder of world's biggest e-Commerce firm said Alibaba is already working with many businesses in India.
Alibaba, which in September raised $25 billion in a record initial public share offering, already has on its site a large number of small Indian businesses selling goods ranging from spices to chocolates to tea.
"I myself commit that we will invest more in India, work with Indian entrepreneurs, India technologists to improve the relationship of the two nations and to improve the great lives of human beings," Ma said at a FICCI event here.
Ma, 50, is likely to meet a number of local businesses to possibly get more Indian products on Alibaba as well as look at expanding into India's e-commerce market, possibly through online marketplace Snapdeal.
"I have heard the Prime Minister's speech and it is very passionate and inspiring. As a businessman, I was inspired and moved by it. Both China and India can achieve a lot working together," he added. "There are a large number of Indian businesses on our websites. We have over 4 lakh Chinese consumers buying Indian chocolates, spices and tea. I think India has more great products that can be sold to China," said Ma.
He said that Internet is a young business and India has a lot of young people. "I was a teacher. Internet changed my life and I absolutely agree that India can be changed by Internet too. India is a great nation with so many young people. I strongly believe that Internet is a young business and a business of young people...," he added.
Its China retail marketplaces had 307 million annual active buyers for the twelve months ended September 30, 2014, while mobile MAUs (monthly active users) grew to 217 million during the same period.
