(MENAFN) China's e-commerce giant Alibaba said it plans to invest more funds in India and believes the internet can transform the country's future, Oman Observer reported.
Alibaba's founder, China's richest individual with a net worth of nearly USD30 billion, was speaking to a business audience on his first visit to India, two months after his record initial-public-share offering raised USD25 billion.
Alibaba already has a small presence in the Indian market with a business-to-business start-up launched in 2010, but analysts expect it to expand in India's e-commerce market through online marketplace Snapdeal.
It pumped USD627 million into Snapdeal, which styles itself as the "Indian version" of Alibaba, and has grown explosively in the country's fast-expanding e-commerce market.
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