It seems there is no stopping for the e-Commerce giant Alibaba Group Holding Ltd (NYSE:BABA). The company has recently engaged two UK startups so as to raise financing for small Britain-based businesses, which intend to buy from Chinese Suppliers. In this way, the company is trying to lessen the financial stress on the British businesses and encourage them to access China’s economy.
Helping British businesses
Alibaba Group Holding Ltd (NYSE:BABA) disclosed today that it has partnered with iwoca Ltd and ezbob to extend short-term business capital to businesses that are finding difficulty in securing funds from banks. The arrangement is quite similar to company’s move of tie-up with LendingClub Corp in the United States. The new service will allow British firms to apply for credit online, where the enlisted startups will give decision after reviewing business track records, tax returns and other data of such businesses. The intention is clear, said Alibaba Group Holding Ltd (NYSE:BABA)’s Wei Duan, European marketing, and business development director, as the company wants to make financing convenient to those who need it.
Another developing story around Alibaba Group Holding Ltd (NYSE:BABA) is that it is planning to make its first direct investment in India. As per sources having the knowledge of the development, the Chinese e-Commerce giant could fund India’s online marketplace, Snapdeal. It is to be noted that Snapdeal is seeking funding of $1 billion to propel its growth. E-commerce space has been booming in India while a number of foreign players are eyeing the market for its immense future growth potential.
Alibaba has been looking to invest in India for several months but failed to zero down on anything particular. However, the new speculations are strong that Alibaba Group Holding Ltd (NYSE:BABA) will finally find its partner in India. Meanwhile, Snapdeal remained tight-lipped and refused to comment on the information.