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 told PTI that the company's planned foray in e-commerce space will not have an adverse impact on Paytm, in which Alibaba owns 30.15 per cent stake.
Alibaba Group own 3 per cent 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.