Alibaba Group Holding (BABA.NYSE) and affiliate Zhejiang Ant Small & Micro Financial Services Group have agreed to invest roughly US$575 million in the online-payment and marketplace businesses of India’s One97 Communications, The Wall Street Journal reported, citing an unnamed source. If the deal goes ahead, it would give the Chiense companies a combined 30% stake in One97 and would value the New Delhi-based company at more than US$2 billion. The investment would be the Chinese group’s first in India’s small but fast-growing e-commerce industry.
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