The Chinese group, which has invested more than $2 billion in Indian startups since 2015, plans to freeze new investments in Indian startups for at least six months, the report said; adding Alibaba does not intend to reduce its stakes in existing portfolio firms.

This was a very anticipated move to India’s retaliation of banning the 59 Chinese apps, one of which was Tik Tok which had a $10 Billion market in India itself. It has invested in a handful of Unicorns in India, such as Paytm, which is now the most valued startup in India, in which it owns a 30% stake, Zomato, BigBasket, and Snapdeal. 

Zomato announced in January this year that Ant Financial had committed an investment of $150 million into the startup. The Gurgaon-based startup has only received $50 million of that capital so far, one of its other leading investors said last month.

The Chinese internet giant Alibaba Group has put on hold plans to invest in Indian startups amid geopolitical tensions between the two countries, Reuters reported on Wednesday, citing two unnamed sources.

“A change in foreign investment regulation in India led to our further evaluation of the timing of our additional investment in Zomato,” Ant Financial disclosed in its IPO prospectus Tuesday.

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