Alibaba Could Be A Top 3 Investor In India

According to

, one of India's largest business newspapers,

is looking to increase its footprint in India buy acquiring a stake in Flipkart. Live Mint noted that Flipkart is India's largest Internet firm and has been recently valued at $15 billion. The publication, citing "three people familiar with the matter," added that the talks are at a "very initial stage" and a deal could be dependent on Flipkart offering a discount to its valuation. Live Mint added that Alibaba is also exploring an investment in Snapdeal, an India-based online marketplace. Live Mint reported that both Flipkart and Snapdeal may have approached Alibaba for cash to "refill their fast-emptying vaults." Finally, Live Mint stated that if Alibaba could become one of the 3 most influential and important investors in the India market and join the ranks with Tiger Global Management and SoftBank Group. Shares of Alibaba were trading higher by 0.69 percent late Thursday morning at $63.84.