China’s Alibaba Group is planning to launch its first fully owned e-commerce business in India this fiscal through its subsidiary UCWeb, according to UCWeb global business vice president Huaiyuan Yang, who recently said in New Delhi the planned foray into e-commerce space will not adversely affect Paytm, in which Alibaba owns 30.15 per cent stake.
“We have Alibaba’s e-commerce gene in us. We are actually trying to start an innovative business model related to e-commerce. We are going to launch a new e-commerce product in India this year,” Huaiyuan said on the sidelines of the Alibaba Philanthropy Forum.China's Alibaba Group is planning to launch its first fully owned e-commerce business in India this fiscal through its subsidiary UCWeb, according to UCWeb global business vice president Huaiyuan Yang, who recently said in New Delhi the planned foray into e-commerce space will not adversely affect Paytm, in which Alibaba owns 30.15 per cent stake.#
UCWeb’s UC Browser has been available in India since 2009. It claims to have registered 1.1 billion user downloads worldwide (excluding China) with half of its global installs from India. It also claims to have 130 million monthly active users in the country.
UCWeb also has plans to start the sale of movie tickets online, a news agency quoted him as saying.
The Alibaba Group also owns 3 per cent stake in Snapdeal. (DS)
ALCHEMPro News Desk – India
marketing@alchempro.com
