China’s Alibaba has slowed its previously aggressive Indian expansion drive, putting a mooted deal with smartphone group Micromax on ice and delaying other investment plans in the face of problems in its home market, according to people familiar the situation.
Founder Jack Ma has put India’s rapidly expanding ecommerce market at the heart of Alibaba's plans for global growth over the past year, snapping up stakes in local start-ups PayTM and Snapdeal.
But as China’s largest internet company grapples with the country’s slowing economy and regulatory probes over fake merchandise sold on its sites, Alibaba has reigned in plans for a rapid series of further Indian deals, the people say.
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