Chinese e-commerce giant Alibaba Group Holding Ltd. and its financial-services affiliate have agreed to jointly invest about $575 million in India’s One97 Communications Ltd.’s online-payment and marketplace businesses, a person familiar with the matter said.
If the deal goes ahead, it would give Alibaba and Zhejiang Ant Small & Micro Financial Services Group a combined 30% stake in One97 and would value the New Delhi-based company at more than $2 billion, the person told The Wall Street Journal.