In India the e-commerce behemoth had so far invested more than $2 billion in companies like One97 Communications which operates Paytm, online grocery delivery startup, BigBasket, e-commerce company Snapdeal and online food aggregator Zomato while hardly investing anything significant in its own B2B subsidiary here headquartered in Mumbai.
Shanghai: Top executives of Chinese e-commerce giant, Alibaba, which has just concluded its biggest 24-hours sales event known as 11.11 with a gross merchandise value of $30.8 billion feels that the Indian e-commerce market is highly fragmented and it will take time to develop into a mature online commerce market.
“India for us is a market where we want to be very very patient,” said Joseph C Tsai, co- founder and executive vice chairman of the Alibaba Group while addressing a large group of international and local media duting the 11.11 event. “We are patient because we think there is time for the Indian market to develop,” Tsai added.
In India the e-commerce behemoth had so far invested more than $2 billion in companies like One97 Communications which operates Paytm, online grocery delivery startup, BigBasket, e-commerce company Snapdeal and online food aggregator Zomato while hardly investing anything significant in its own B2B subsidiary here headquartered in Mumbai.
According to Tsai, the Indian e-commerce market has just reached one-tenth of its potential and is way behind China which is around a trillion dollar e-commerce market. “India is a difficult market with different states having different regulations. We always say that India is a fragmented marketplace as compared to China where the market is more unified,” the executive said.
