(MENAFN) Chinese e-commerce giant Alibaba Group Holding Ltd. is set to invest in Indian online marketplace Snapdeal. The sum of the investment remains yet undisclosed, Nasdaq reported.
The India's e-commerce market is expanding sturdily as Indians go online to shop for clothes, accessories, books and electronics. The market is forecast to grow more than USD100 billion by 2020.
The investment in Snapdeal is going to allow the Chinese firm to expand its place in the Indian market. It is worth mentioning that Alibaba raised USD25 billion in an initial public offering in the U.S. in 2014.
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