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Alibaba Snapdeal May End

The much-touted proposal of Chinese giant Alibaba's stake purchase in Indian e-commerce firm Snapdeal may have fallen through due to high valuations being sought by the homegrown online marketplace. The deal was being pegged at $500-700 million. Both the companies declined to comment on the matter, but sources said that Alibaba was valuing the Indian firm in the range of $4-5 billion as against a valuation of $6-7 billion sought by Snapdeal. The stake purchase in the Indian e-commerce website would have given the Jack Ma-led Alibaba a stronger footing in the Indian market, which has one of the largest internet populations globally. Alibaba has been expanding its presence in India, including through acquisitions. Last month, Ant Financial Services — part of the Alibaba Group — said it will acquire a 25% stake in One97 Communications, the parent of mobile commerce firm Paytm.

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