New Delhi: Alibaba Group is planning to launch first fully owned e-commerce business this fiscal in India through its subsidiary UCWeb, a senior company official said on Thursday.
UCWeb Global Business Vice President Huaiyuan Yang said the firm’s planned foray in e-commerce space will not have an adverse impact on Paytm, in which Alibaba owns 30.15% stake. Alibaba Group own 3% stake in Snapdeal.
"We have Alibaba's e-commerce gene in us. We are actually trying to start innovative business model related to e-commerce. We are going to launch a new e-commerce product in India this year," Yang said on the sidelines of Alibaba Philanthropy forum.
UCWeb's UC Browser has been available in India since 2009. It claims to have registered 1.1 bn user downloads worldwide (excluding China) with half of its global installs from India. It claims to have 130 mn monthly Indian active users.