China's Alibaba Group has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters, amid souring business relations and rising political tension between the two nations after a clash on their Himalayan border.
Hitting the brakes could slow fundraising plans for some of Alibaba's investee companies in India, which include payments platform Paytm, restaurant aggregator and food delivery service Zomato, and e-grocer BigBasket.Ant Group, which is preparing for an IPO, on Tuesday called out the challenges it faces in India.
India, in April, put investments from China and other bordering countries under greater scrutiny to prevent opportunistic takeovers amid the COVID-19 pandemic. "No one is planning to put their stakes in Indian ventures on the block given the market condition and the fact that there aren't many buyers," the person said.
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