Alibaba to suspend investments in Indian Startups for at least six months.
Alibaba Group is reportedly close to hitting pause of further investments into Indian startups and businesses. According to a Reuters report, the Alibaba Group is among several Chinese investors who have had to rethink their investments in India after the Narendra Modi government amended the foreign direct investments (FDI) rules for countries that share a land border with India.
Alibaba Capital Partners, ANT Group and ANT Financial have invested in the likes of Zomato, Paytm, Snapdeal, Bigbasket, Xpressbees among others.
A border clash in June, in which 20 Indian soldiers were killed, escalated tensions, and India imposed stricter curbs on Chinese goods and businesses amid calls for boycotts.