Alibaba Group Holding Ltd, one of the biggest investors in Indian startups such as Paytm and Zomato, is temporarily halting fresh investments in the country as the Chinese e-commerce giant reviews its India strategy, Mint reported citing four people aware of the development.
Alibaba’s four-member investment team in India led by Raghav Bahl, who was appointed last August from Bessemer Venture Partners, has been mandated to currently manage only the existing portfolio and they are no longer scouting for deals actively as they were before.
Billionaire Jack Ma-led Alibaba has made wide-ranging investments in Indian startups. Its portfolio includes payments firm Paytm and its e-commerce arm Paytm Mall, food delivery startup Zomato, online grocer BigBasket, online retailer Snapdeal and logistics firm Xpressbees.
Alibaba has still to exit any of its investments in India, unlike other late-stage investors such as SoftBank, Tiger Global, Naspers and Tencent, which, after raking in billions of dollars from the USD 16 billion acquisition of Flipkart by Walmart last year, have become very active in the domestic market once again.