New Delhi: The world's leading e-commerce company Alibaba can enter India's e-commerce market. According to a senior company official, the company plans to start a wholly owned e-commerce business in India. The company can start this business through UCWeb. Huiyuan Yang, vice president of UCWeb Global Business, said the company's planned forum in the e-commerce space would not have an adverse impact on Paytm, in which Alibaba holds a 30.15 percent stake.
Alibaba Group has 3% participation in Snapdeal. Yang said, 'We have Alibaba's e-commerce gene in the US. We are really trying to introduce a new business model related to e-commerce. We are going to launch a new e-commerce product in India this year. UCWeb's UC browser has been available in India since 2009.
The browser claims that 1.1 billion users have downloaded it worldwide (excluding China) while half of its customers are in India. In addition, UC Browser claims that it has 130 million monthly users in the country. Asked about the potential impact of UCWeb's e-commerce in Paytm's business, Yang said, 'The e-commerce business is huge. There are different parts of the e-commerce business and many products. UC will select the section according to our business. He said that he will not hold any competition with Paytm.
Also Read:
Foreign investment increased in country, Government releases figures
PNB board approves the merger of these two banks, Bank employees opposed
HDFC denied regarding the slowdown in real estate!
Punjab Finance Minister 'Manpreet Badal' raised questions on central debt, know the whole matter!