Chinese e-commerce giant, Alibaba, is reportedly in talks with Micromax to invest $1.2 billion in Micromax to acquire a 20 percent stake. Micromax is India’s second largest smartphone vendor after Samsung. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple steps
If successful, Micromax would be valued at $6 billion. The Indian smartphone brand has been in talks to raise investments and Softbank was another company reported to be in talks. The talks with Softbank have stalled over differences in valuation of Micromax, Reuters reports. Also Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
Alibaba has been aggressive in India, which is one of the fastest growing smartphone markets in the world. With the e-commerce boom, Alibaba also invested in mobile wallet provider, Paytm. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
With Micromax, Alibaba could be looking at using its smartphones as a platform for its services like its mobile payment service Alipay and online retail store Aliexpress.