Alibaba hits pause on fresh India investments

Mumbai: Alibaba Group Holding Ltd, one of the biggest investors in Indian startups such as Paytm and Zomato, is temporarily halting fresh investments in the country as the Chinese e-commerce giant reviews its India strategy, four people aware of the development said.

Alibaba’s four-member investment team in India led by Raghav Bahl, who was appointed last August from Bessemer Venture Partners, has been mandated to currently manage only the existing portfolio, said the people cited above, requesting anonymity.

“They are no longer scouting for deals actively as they were before,” said the first of the four people cited above.