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Last Updated : Nov 27, 2019 10:31 AM IST | Source: Moneycontrol.com

Jack Ma's Ant Financial looking to set up $1 billion fund for startups in Southeast Asia and India: Report

The development would be in line with the company's interest in expanding beyond China.

Jack Ma
Jack Ma

Aiming to strengthen its foothold in the region's growing mobile internet markets, Jack Ma's Ant Financial Services plans to raise close to $1 billion in funding for India and Southeast Asia-based startups, according to a report in Bloomberg.

The Alibaba-affiliated fin-tech company plans to support startups in the e-payment and online finance segments in the region, the publication quoted a source as saying.

Moneycontrol could not independently verify the report.

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The development would be in line with the company's interest in expanding beyond China in light of slowing growth in its home market and competition from market leader Tencent Holdings and aligns with parent Alibaba Group’s core interest areas as well.

Notably, Ant already holds stake in Indian e-commerce and payment startup Paytm and food delivery app Zomato. Both are among the top players in their segments in the region.

The Jack Ma-backed company invested in 160 companies over the past five years and is also looking to acquire a virtual banking license in Singapore.

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First Published on Nov 27, 2019 10:31 am
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