China’s Alibaba group has been working on a plan to enter the country’s E-commerce business sector through its subsidiary UCWeb. The senior employee of the company has revealed this information on Thursday that the business could be started in this current financial year.
UCWeb Vice President (Global Business) stated that the company’s entry into commerce will not have any diversified impact on Paytm. Alibaba Group holds a 30.15% stake in Paytm. Snapdeal also holds 3% of its stake.
During the ‘Alibaba Foundation’ Second Philanthropy Forum, the group’s charitable unit, Yasang said separately, “We have Alibaba’s e-commerce genes. We are trying to introduce an innovative business model associated with e-commerce. This year a new e-commerce product will be launched in the country.”
UCBrowser of UCWeb has been operating in India since last 2009. It has 1.1 billion subscribers in the world, excluding China, half of which are from India. The company claims to have 130 million monthly subscribers in India.
On the impact of Paytm for UCWeb entering the E-commerce space yang said “E-commerce is a huge market. E-commerce has different sectors and productions. UCWeb will choose from its business prospects. The company also plans to enter the online movie ticket sales segment.”
Talking about the company’s charity program, Yasang said it aims to create a responsible content (read-visual content) ecosystem that can help bridge the digital divide, create jobs and alleviate poverty in India. Alibaba is the first Internet company in the world to integrate philanthropy into its core strategy.
Through this, USWeb has launched a ‘US-Education’ mission on its platform. It is a program to donate books online or offline. Its purpose is to make books accessible to more and more children.
Source: Amar Ujala, Business News, New Delhi.