Alibaba will acquire a 33% stake of new shares in its finance affiliate Ant Financial via a Chinese subsidiary, The Paper reported. Zomato also signed a definitive agreement to raise $150 million from Ant, which is looking to strengthen its foothold in South-East Asia and the Pacific.
Reports revealed that the company's revenue from their third-quarter, which was from October to December last year; the revenue were up from the previous year's figures which were at 79.8 billion yuan to a massive 83.03 billion yuan.
Alibaba Group had $31bn knocked off its market cap overnight after it announced a drop in its margins.
Core ecommerce revenue increased 57 per cent to $11.3 billion and cloud computing revenue jumped 104 per cent to $553 million.
In November, the e-commerce retailer formed a strategic alliance with Sun Art Group Limited, a leading Chinese hypermarket and supermarket chain with over 440 stores nationwide.
Alibaba says the strong results are due to the increasing popularity of its 11.11 festival, as well as its global focus on 'new retail.' During Singles' Day a year ago, Lazada drew a record-breaking US$123 million in sales. The Alibaba group company believes that India can build a hyperlocal platform similar to China's hyperlocal giant Meituan Dianping. That exceeded the 79.8 billion yuan average estimate of 28 analysts polled by Thomson Reuters.
Tencent recently took a 5 per cent stake in China's Yonghui Superstores, and is in talks to invest in French retail company Carrefour.
The entry of Alibaba into India's food-tech business makes it competitive as now the industry has three big investors including Softbank and Naspers.
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